The largest bank by assets in the USA is set to join the UK retail banking scene. On Wednesday (27/01/21), JPMorgan announced their intent to open a retail banking service for the first time in the UK. They plan to open a purely digital bank under the Chase brand. 

This move comes after Goldman Sachs’s successful foray into UK digital retail banking under the Marcus name but appears to be more ambitious in scope. Initially, they will offer a current account, like Marcus. However, this will likely be followed by a home loan and credit card services unlike it’s Goldman Sachs counterpart. In addition to this, an anonymous source claims the UK project will serve as a test case for further expansion of JPM’s retail endeavours into other countries around the world. Thus far, this is a little-explored potential revenue stream for major US lenders limited in their domestic market by federal competition rules and could prove a fruitful avenue for future prospects of JPMorgan share valuations.