JPMorgan is expanding
US online bank Chase is coming to Germany
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The US bank JPMorgan wants to further expand with its online bank Chase. Chase currently only has customers in Great Britain in Europe, but there will soon also be an offer for German private customers.
The largest US financial institution JPMorgan also wants to win private customers in Germany and other EU countries with its online bank “Chase”. “It was always clear to us that we wanted to introduce Chase not only in Great Britain, but also in Germany and other European countries,” said JPMorgan boss Jamie Dimon to the “Handelsblatt”.
According to Dimon, it has not yet been finally decided when the bank will start in which country. So far, Chase is only active in Great Britain. According to the manager, the bank has already hired a lot of people in Berlin: “Our digital private customer business in the EU is operated from there.”
Overall, JPMorgan aims to become one of the three largest banks in Germany, said Dimon. JPMorgan's European subsidiary, based in Frankfurt, is currently in fifth place with total assets of 436 billion euros.
In the USA, JPMorgan took over First Republic Bank in the wake of the banking crisis there in the spring. The institute does not want to buy any more struggling financial institutions. “I don't think that will be necessary, nor that we would be the right bank for it,” said Dimon. The US government doesn't want banks to get too big.