JPMorgan is preparing a broader European rollout for its Chase digital bank, with a goal of being present in at least five countries across the region within five years.
The digital bank already operates in the UK and entered Germany last month
France, Spain and Italy are among the countries under consideration, reported the Financial Times citing sources. The sources added that no final choice has been made on the next launch. The UK business, introduced in 2021, was the first step in Jamie Dimon’s effort to take the group’s consumer banking activities beyond the US.
Germany marked its first retail banking entry in mainland Europe. People close to the strategy said JPMorgan sees an opening between established high street lenders and newer app-based banks. Rather than presenting Chase as a direct challenger in the style of Monzo or Revolut, executives believe the business can draw on JPMorgan’s existing name and financial resources. “Chase is trying to find that middle space where it can be a more innovative and digital-forward bank, but really lean on the brand of JPMorgan,” a source said.