Weekly Global News Wrap: JPMorgan launches Chase in UK; Credit Suisse Asia mulls merging investment and advisory arms
And JPMorgan has bought the college planning platform, Frank.
JPMorgan has launched its digital retail bank Chase in the UK.
The launch marks the first foray into retail banking outside North America by one of the US’ biggest lenders.
“We have been watching in which markets customers are really ready to do their banking primarily through digital channels, and the UK frankly leads the way in this respect,” said Sanoke Viswanathan, chief executive of the new Chase bank venture.
Credit Suisse Group is considering moving its Asian investment banking operations into its global securities and advisory business, according to people familiar with the matter, who declined to be identified.
Consolidating the advisory business into the global investment bank mirrors a similar move in 2020 to bring the Asian market activities into that unit, the sources said. The board, which is being advised by McKinsey & Co., is reportedly due to meet next week to discuss the bank’s strategic review and a final decision hasn’t yet been made, the sources added.
JPMorgan Chase has acquired Frank, a college planning platform that offers tools to help students apply for and negotiate financial aid, amongst other services.
Frank has reportedly served more than 5 million students at 6,000 institutions since it was launched by Charlie Javice in 2017.
JPMorgan, the biggest US. bank by assets, has reportedly been acquiring start-ups at a steady clip since CEO Jamie Dimon declared last year that he would be “much more aggressive” in searching for takeovers.