JPMorgan Chase, the largest banking institution in the United States, anticipates its UK consumer bank, Chase, to reach the break-even point within the next 12 to 18 months. This projection was shared by Daniel Pinto, President and Chief Operating Officer of JPMorgan Chase, during a Financial Times conference.
Since its launch in the United Kingdom in 2021, marking JPMorgan's initial venture into international retail banking, Chase UK has seen significant customer growth and engagement. Pinto highlighted that the digital bank has successfully acquired approximately two million customers in the UK, with a substantial portion of them being actively engaged. Furthermore, Chase UK has amassed nearly $20 billion in deposits.
Pinto expressed that the performance of Chase UK has surpassed initial expectations. This success has laid the groundwork for JPMorgan's strategy to expand its consumer banking services into other global markets over time, building on the momentum gained in the UK.
