JPMorgan Chase is set to launch a digital bank in the UK, it was reported this weekend.
Sky News reported that the bank will launch savings and loan products over the next few months.
This will pushed out under the Chase brand.
JPMorgan Chase has reportedly been in discussions with banking regulators about the approval process.
What does this mean?
JP Morgan’s entry into London will be one of the biggest changes to the industry since 2008 and should also be a positive sign following Brexit uncertainty with many firms planning to reduce their operations in the capital.