JPMorgan is challenging British rivals on their home turf with the launch on Tuesday of its long-awaited digital retail bank, Chase, as part of what the U.S. lender hopes will be a global expansion. The launch marks the first foray into retail banking outside North America by one of the United States' most dominant lenders, heaping pressure on British incumbents such as Lloyds, Barclays, NatWest and HSBC which are already battling low interest rates and upstart digital rivals. “We have been watching in which markets customers are really ready to do their banking primarily through digital channels, and the UK frankly leads the way in this respect” said Sanoke Viswanathan, chief executive of the new Chase bank venture.
LONDON, September 21, 2021--JPMorgan Chase today launched its new digital bank in the U.K. under the Chase brand. Chase is the largest consumer bank in the United States and provides a broad range of financial services to more than 60 million American households.
Bank stocks struggled Monday as the yield on the 10-year U.S. Treasury bill, which is often a strong indicator of bank profits, declined as a result of the broader market sell-off.