NEW YORK—JPMorgan Chase plans to roll out a digital retail bank in the United Kingdom, which will have offerings and functionalities designed to meet the requirements of British customers through a mobile app.
The digital bank is based at Canary Wharf, London, while its clients will be served by an Edinburgh contact center. As it stands, the business has made 400 employment positions in the United Kingdom and more hires are intended as it expands.
A U.K.-based JPMorgan Chase subsidiary is licensed to run the business. The subsidiary’s activities are regulated by the Financial Conduct Authority in addition to the Prudential Regulation Authority, Pymnts.com said.
“We are bringing Chase to the U.K. because we want to provide customers with a new banking choice — one that will enable them to benefit from a simple and exceptional banking experience, built on the significant capabilities of JPMorgan Chase,” Gordon Smith, CEO of consumer and community banking and co-president of JPMorgan Chase, said.
Sanoke Viswanathan, who served as the chief administrative officer and head of strategy at JPMorgan’s Corporate & Investment Bank, has been named chief executive of the operation, according to the report.