(Bloomberg) -- JPMorgan Chase & Co. will launch its digital retail bank in the U.K. next week, the first step in the firm’s plans to expand its consumer business into overseas markets.
The offering, called Chase, will initially offer only current accounts, Sanoke Viswanathan, head of JPMorgan’s International Consumer division, said in an interview with the Financial Times. That product offering will broaden over time and Viswanathan said the bank plans to invest “hundreds of millions” in the venture.
The operation has about 600 employees in the U.K., including 500 new hires, the FT said
The move has been more than two years in the planning. The U.S. firm agreed to buy U.K. digital wealth manager Nutmeg Saving and Investment in June,, and Viswanathan said more acquisitions may be considered.
JPMorgan’s U.K. operations employ about 19,000 people and are centered on its investment bank, which hit the headlines earlier this year when the firm bankrolled soccer’s breakaway Super League, a decision that drew sharp criticism from fans before the project collapsed.
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