JPMorgan Chase has said it is launching a new bank for the UK’s retail banking market. The twist is that it will be digital only, so will go up against Goldman Sachs’ Marcus business and the likes of Starling and Monzo.
The new bank will trade under the Chase brand, and is promising to offer “a new take on current accounts”. Co-president Daniel Pinto said the decision to launch a digital retail bank in the UK was a ‘milestone’.
Sir Win Bischoff, the former chair of Lloyds Bank and the UK’s FRC has joined the board of the new project. He will head up the board risk committee.