JPMorgan takes on British rivals

Growing bigger: A view of the exterior of the JP Morgan Chase & Co corporate headquarters in New York. Its launch of Chase marks its foray into retail banking outside North America. ― Reuters

LONDON: JPMorgan is challenging British rivals on their home turf with the launch of its long-awaited digital retail bank, Chase, as part of what the United States lender hopes will be a global expansion.

The launch marks the first foray into retail banking outside North America by one of the US’s most dominant lenders, heaping pressure on British incumbents such as Lloyds, Barclays, NatWest and HSBC, which are already battling low interest rates and upstart digital rivals.