JPMorgan (NYSE:JPM), the largest U.S. bank by assets, is launching a digital retail bank in the United Kingdom called “Chase.”
The venture, which is JPMorgan’s first overseas retail bank, is set to launch its smartphone app initially offering current accounts on September 21. The bank plans to quickly expand into lending and investments, as well as move into other countries across Europe.
JPMorgan is following U.S. rival Goldman Sachs (NYSE:GS) into the European market, which has been offering savings accounts to consumers in England since 2018.
The U.S. banks are looking to bolster lucrative but volatile returns in investment banking with steadier retail banking revenues, but face a competitive market dominated by British incumbents such as Lloyds, Barclays and HSBC.
JPMorgan bolstered its British venture earlier this year by purchasing digital wealth manager Nutmeg for $966 million U.S. as it aims to tap a growing band of pandemic-era savers.