The Wall Street stalwart has been in discussions with regulators about securing the necessary approvals to operate in UK personal banking, Sky said. The prospective launch could also pit JPMorgan against Goldman Sachs Group Inc’s online-only bank called Marcus, which opened in the UK in September 2018, though a City of London source told Sky that JPMorgan was planning a wider range of products. Last week, N26 GmbH, a German digital bank backed by investor Peter Thiel, announced that it was withdrawing from the UK after four years. “In that sense large universal banks — HSBC, Barclays, Lloyds Banking Group, Royal Bank of Scotland Group and Santander UK — retain their dominance over UK retail banking market,” Kokkinis said. “However, challenger banks, which operate exclusively online and thus offer cheaper services, are popular amongst customers below the age of 37,” he said.

Source: Taipei Times February 23, 2020 15:56 UTC