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JPMorgan Chase has announced it will open its first overseas retail bank, with the launch of a digital-only lender that aims to upend the UK banking market.
Chase will initially offer only current accounts with a rewards programme but intends to quickly expand into areas including personal lending and investment, and eventually even mortgages.
The new bank, codenamed Project Dynamo during its secretive development over more than two years, has often been compared to Goldman Sachs’ Marcus, which launched in the UK three years ago. However, while Marcus quickly took in billions of GBP of savings, Goldman has so far used the deposits to fund its investment banking operations, rather than building a broader product set.
Representatives that Chase aimed to enable customers to do all their banking with them and not have to bank with other financial institutions, within three to four years. However, the company had not set a specific target for customer numbers and would not be ‘slavish’ about reaching profitability by a certain date.
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