JPM stock was trading at $107.95 as of 01:44 PM EDT on Wednesday.
Despite losses at the startup company and mistrust from some JPM shareholders, JPMorgan Chase (NYSE:JPM) is moving on with the expansion of its U.K. digital retail bank.
The firm intends to quadruple the number of its personnel to at least 2,000 within two years, according to Sanjiv Somani, Chase’s U.K. chief executive, who spoke to Reuters. Since its September 2017 inception, the U.K. mobile app bank has accrued 1 million users and more than GBP 10 billion ($10.8 billion) in deposits.
The project marks a Wall Street juggernaut’s foray into global retail banking. Somani declared, “We want to be global, starting with the U.K. “You must take a 10-year perspective. Any shorter will not help you reach the correct conclusion.” The expansion ambitions coincide with rising U.K. inflation and a decline in the value of the British pound following the new administration’s proposal to cut taxes and increase expenditure. (The pound was under pressure on Wednesday as the Bank of England intervened to acquire long-dated debt.)
JPM Stock Outlook, Future Plans
Recent selling pressure has hurt JPM stock. JPM stock (NYSE:JPM) has fallen 7.5% in the past four weeks, but it’s already in oversold territory and Wall Street analysts forecast higher profits than expected.
By adding lending products, maybe including a credit card, by the end of 2023, the U.K. Chase also hopes to expand its product line beyond current and savings accounts, he told Reuters. By the end of the following year, JPMorgan (NYSE:JPM) may also include Nutmeg, an investment company that it purchased for GBP 700 million last year, into the unit. Reuters reported earlier this month that JPMorgan (NYSE:JPM) is thinking about extending its consumer business into Germany.
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