JPMorgan Chase (NYSE:JPM)
According to Reuters, which cited an executive from the megabank, JPMorgan Chase (NYSE:JPM) is considering growing its consumer business into Germany, where a number of economic challenges like the oil crisis and skyrocketing inflation are gaining traction.
According to Stefan Behr, chief executive of JPMorgan in Europe, although no final decision has been taken, the U.S. lender has been concentrating on its recently launched digital retail bank in the U.K. with the intention of eventually expanding it elsewhere.
More than 500,000 customers have been tied in since the start of 2021 when it launched its U.K. consumer banking division.
To support the forthcoming Chase U.K. digital bank, JPMorgan Chase bought Nutmeg Saving and Investment, a digital wealth manager with headquarters in the United Kingdom, in mid-June 2021.
Since its debut in 2012, Nutmeg has grown by 70% year over year, developed a customer base of more than 140K investors, and amassed more than £3.5B in assets under management.
The CEO of Nutmeg, Neil Alexander, wrote in a blog post that “Nutmeg will form the cornerstone of the bank’s retail digital wealth management product internationally over the long term, complementing the debut of Chase as a digital bank in the U.K. later this year.”
As a significant priority area for the company in terms of client growth, Paul Halpern has joined J.P. Morgan (NYSE:JPM) as Chief Marketing Officer for U.S. Wealth Management.
Halpern has worked in the financial industry for three decades. He formerly held positions at Merrill Lynch, where he oversaw marketing for the wealthy and mass wealthy segments, and E*Trade, where he handled site and investment product marketing.
Featured Image- Megapixl @Goldenhind