23 February 2020
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.