JPMorgan to Launch U.K. Digital Consumer Bank

JPMorgan Chase is launching a digital bank to offer consumer banking services in the U.K. for the first time. The new bank will bear the Chase brand and will be based in London’s Canary Wharf financial district, as well as operating a customer contact center in Edinburgh, JPMorgan said. The digital bank has already hired 400 people in the U.K. and plans to add more as it grows, the company said. The digital bank is currently being tested internally with JPMorgan employees ahead of a public launch later this year. It will start by offering current accounts and then offer a broader range of products including loans.