LONDON – JPMorgan’s consumer bank chase in the UK has attracted more than half a million customers since its launch eight months ago, with the most detailed snapshot provided by the Wall Street giant showing how the digital venture is moving forward.
Chase has collected 10 10 billion worth of customer deposits in the UK and processed 20 million payments, Sanoke, chief executive of JPMorgan’s international consumer business, told the bank’s Investors’ Day on Monday.
But rapid growth has come at a cost. JPMorgan expects the enterprise to lose 50 450 million this year, according to slides attached to the presentation, the international consumer business is projected to break even in 5-6 years.
JPMorgan is using the UK as a testing ground for rolling out digital consumer banking services abroad, as it seeks to take advantage of low-cost online channels to diversify its revenue sources and compete with local competitors.
The bank recently launched a savings account in the UK, initially after offering a current account and cashback on purchases. In the long run, it plans to offer investment by consolidating its acquired digital asset manager, Nutmeg.
(Edited by Matthew Lewis and Nick Jiminski in Ian Withers reporting in London)