JPMorgan Chase's push into the UK retail banking market has seen the giant Wall Street bank attract half a million customers and $10 billion of customer deposits since its launch eight months ago.
The figures were revealed in the bank's investor day by Sanoke Viswanathan, chief executive of JPMorgan's international consumer business. He told analysts that the bank has set a five to six-year timeframe to hit breakeven, reinforcing the bank's long-term commitment to the business which is set to lose $450 million this year.
Eearlier this month Chase added more financial firepower to its customer acquisition strategy in the UK, enabling customers to earn up to £400 for referring friends to the digital bank.
The new offer is the latest statement of intent by Chase as it seeks to grow its fledgeling business in the UK retail market. Chase most recently launched a new savings option with a competitive interest rate of 1.5% AER, alongside 1% cashback on everyday debit card spending and 5% AER interest on small change roundup.
This comes ahead of the forthcoming roll out of wealth mangement services following the bank's pre-launch acquisition of digital advisor Nutmeg.
Earlier this year JPMorgan Chase CEO Jamie Dimon faced criticism from shareholders for failing to provide enough detail about the bank's mammoth technology spending plans and the decision to launch a digital-only bank in the UK
In January, the Wall Street titan outlined plans to spend more than $12 billion on technology in 2022, contributing to an eight per cent rise in expenses that could hurt the bank's profitability targets.
Supplemental slides from the recent investor day show that tech modernisation efforts at the bank will top $2.8 billion in 2022, up from $1.8 billion seen in 2019.