JPMorgan to expand online bank Chase to Germany, EU

JPMorgan (JPM.N) will expand its online bank Chase to Germany and other European Union countries, CEO Jamie Dimon told German newspaper Handelsblatt, a move that increases competition for European rivals in a crowded market.

Reuters has reported preparations for the move, but the CEO’s comments to Handelsblatt published on Friday mark the first official confirmation.

In its first such foray outside the United States, JPMorgan entered the British market with a digital-only retail offering in 2021 and executives have signalled their aim was to expand this to other countries.

“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 said the timing was undecided. A spokesperson for JPMorgan confirmed the report and wouldn’t comment on timing.

U.S. banks have been looking to offset lucrative but at times volatile returns in investment banking with steadier revenues, although they face a competitive consumer market dominated by local incumbents, where margins are thin.

This report’s information was first seen on REUTERS; to read more, click this link.