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JPmorgan to expand online bank Chase to Germany

JPmorgan to expand online bank Chase to Germany

JPMorgan is to export its online bank Chase to Germany in the first phase of a plan to extend the brand across the EU, CEO Jamie Dimon told German newspaper Handelsblatt.

Twenty months since its launch in September 2021, more than 1.6 million customers now bank with Chase in the UK.

Customer numbers have tripled since May last year and deposits have nearly doubled from $10 billion to $19 billion during the same timeframe. The digital bank is now processing more than one million transactions per day.

Chase is winning over customers through a slick digital experience and high standards of customer care. It recently won accolades as best British bank, current account and savings account at the 2023 British Bank Awards. It has an App Store rating of 4.9, Google Play Store rating of 4.7, and a Trustpilot score of 4.1. In January, MoneySavingExpert readers rated Chase number one in customer service.

From February, customers of Chase and wealth management subsidiary Nutmeg have been able to see their investment accounts in the Chase app, or new Nutmeg customers have been able to sign up to invest with Nutmeg via the Chase app.

While Reuters had previously reported rumours that JPMorgan was plotting a move into EU markets, Dimon's comments to Handelsblatt provide the first official confirmation of the bank's intentions.

"It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries," Dimon was quoted as saying. "We have ambitious plans."

He gave no timeline for the launch.

While fellow US bank Goldman Sachs has pulled away from an expensive foray into the retail consumer market, JPMorgan is spending big to export its brand to new terrritority.

Dimon told Handelsblatt: "In Germany, 'Chase' is not yet so well known, but worldwide it is a strong brand. We are also a trustworthy bank with a strong balance sheet - and private customers know that,"

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