LONDON :JPMorgan is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase.
The venture - JPMorgan's first overseas retail bank - is set to launch its smartphone app initially offering current accounts on Tuesday, a JPMorgan spokesperson confirmed. Sanoke Viswanathan, head of the online venture, told the Times and Financial Times newspapers on Friday the bank planned to expand into lending and investments as well as expand in other countries if successful, starting with continental Europe.JPMorgan is following U.S. rival Goldman Sachs into the market, which has been offering savings accounts to consumers in Britain since 2018.
The U.S. banks are looking to bolster lucrative but volatile returns in investment banking with steadier retail revenues, but face a competitive market dominated by incumbents including Lloyds, Barclays, NatWest and HSBC.JPMorgan bolstered its British venture earlier this year by purchasing digital wealth manager Nutmeg for 700 million pounds , as it aims to tap a growing band of pandemic-era savers.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
More than 60 South Korean crypto exchanges set to suspend services next weekSEOUL: More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday (Sep 17) midnight, a week before a new regulation comes into effect. To continue operating, exchanges must register with the Financial Intelligence Unit by Sep 24, providin
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
JPMorgan backs emerging market stocks after poor runLONDON : Investment bank JPMorgan has urged investors to stock up on emerging economy equities whenever they dip and said that Japan's change of prime minister should boost the yen and Nikkei if history is anything to go by.Signs the Delta wave of the COVID-19 virus were now receding meant it was staying
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Turkish cenbank forms platform to research benefit of digital currencyISTANBUL : Turkey's central bank said on Wednesday that it has formed the Digital Turkish Lira Collaboration Platform to expand its research into the potential benefits of a digital currency.The bank said it signed separate memorandums of understanding with Turkey's HAVELSAN, ASELSAN and TUBITAK-BILGEM fo
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
EU Commission wants to know when spectrum is available in digital pushBRUSSELS : EU countries will have to provide more clarity on the use and availability of radio spectrum to help the bloc meet its digital targets, the European Commission said on Wednesday, accelerating a push to reduce reliance on U.S and Chinese technologies. The EU executive also wants to spur European
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Any Kioxia-Western Digital deal should ensure equal hubs in Japan, US - senior lawmakerTOKYO : Any merger of Japanese chipmaker Kioxia Holdings and U.S. rival Western Digital Corp should ensure critical operations are split equally between the two countries, a senior member of Japan's ruling party told Reuters. The comments from Akira Amari, a former economy minister and influential lawma
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US Congress backs Good Friday Accords, House Speaker Pelosi tells Britain's JohnsonWASHINGTON: US House of Representatives Speaker Nancy Pelosi said she told British Prime Minister Boris Johnson the Good Friday Accords that ended decades of conflict in Northern Ireland continue to have bipartisan support in the US Congress. “Respectful of the will of the British people and Br
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »