Sanoke Viswanathan, head of JPMorgan’s international consumer division, told the Financial Times the launch of Chase would be officially announced next week. A source close to the process said an announcement was due on Tuesday.
“This is a very big strategic commitment from the firm’s standpoint,” Viswanathan told the FT. “We will spend hundreds of millions before we get to break-even and get to a place where this is a sustainable business, and we’re not in a rush.”
JPMorgan first announced plans to launch Chase in the UK in January and has hired hundreds of people in the UK to work on the project. The banking giant, which has over $3 trillion on its balance sheet, snapped up British digital wealth manager Nutmeg over summer as part of its expansion plans. Chief executive Jamie Dimon visited the bank’s Canary Wharf offices in London last week.
Chase will offer retail bank accounts through a digital app and plans to build out full consumer banking services over time….
