JPMORGAN CHASE & CO.

JPM
Delayed Nyse - 04:00 2022-11-30 pm EST
138.18 USD +1.19%

JPMORGAN poised to double staff at UK digital bank Chase by 2024

09/29/2022 | 01:41am

JPMORGAN is planning to double the headcount of its British digital bank Chase in the next two years as it looks to guzzle up market share from the UK's fintech lenders.

Chase, which launched in the UK 12 months ago, revealed it had passed one million customers yesterday and now holds deposits of over £10bn.

The digital bank's boss Sanjiv Somani said the venture is now eyeing up expansive plans in the next two years including a roll out of the digital lending model to international markets.

"We want to be international, starting with the UK," Sanjiv Somani, UK chief executive of Chase, told Reuters.

"You have to look at a 10-year view. If you look at anything shorter it will not lead to the right conclusion ... The retail banking revenue pool is in the trillions, even outside the US."

Chase is also now planning to "at least double" its 1,000 strong workforce by the end of 2024, Somani said, as it expands into lending products.

(c) 2022 City A.M., source Newspaper

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