Merkel Contributor

JP Morgan Chase Could Launch A Digital Bank In The UK

23 February 2020

Two years after Goldman Sachs chose to open their digital bank in the UK, JP Morgan Chase is now hoping to do the same and be the second US bank to enter the UK.

America’s largest bank is currently speaking with regulators in London to ensure that at the end of the year their services are available for those in the United Kingdom.

This interest from JP Morgan presents a potentially massive victory for the United Kingdom as other international banks prepare to move their EU trading and lending operations out of the UK due of Brexit.

When Goldman Sachs entered the UK it offered customers high interest rates on savings accounts, which were then used to lower their group funding costs.

JP Morgan’s offer would definitely include the basic savings and lending products however given the banks resources it could potentially play a crucial role in the country’s retail banking industry.

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Bongu Simelane

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