“Having spoken extensively to consumers across the [United Kingdom] we know that people want good value combined with an excellent experience, from a trusted bank,” Chase UK CEO Sanoke Viswanathan said in a statement on Tuesday.
Chase plans to offer savings and investment accounts to its UK customers in future, as well as lending products. JPMorgan said it plans to use the United Kingdom as a launchpad to expand into other international markets.
The bank has already hired some 500 UK staff, while a further 100 have transferred from other parts of JPMorgan.
The Chase UK launch follows rival Goldman Sachs, which has attracted billions of pounds worth of customer deposits in Britain by offering competitive interest rates. Marcus had to temporarily close to new deposits last June to avoid breaching a £25 billion ($34.2 billion) threshold that would have required Goldman Sachs to establish a separate UK-registered bank.
— Julia Horowitz contributed reporting.