JPMorgan to launch UK digital lender in early 2021

JPMorgan Chase & Co (JPM.N) is planning to launch its online British retail bank in the first quarter of 2021 under its Chase brand, citing technology industry sources.

The planned venture will rival Goldman Sachs’ (GS.N) Marcus brand and start-ups including Monzo and Starling at a time when domestic challengers have struggled to break the dominance of the country’s “Big Four” banks.

JPMorgan has signed up suppliers including Amazon Web Services and 10x Future Technologies to provide it with cloud and digital banking infrastructure, the report said.