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Opinion
Paul J. Davies

Jamie Dimon’s U.K. Startup Is Really a Global Story

JPMorgan Chase’s digital-only British operation will be a testing ground for infrastructure, technology, products and ideas.

Jamie Dimon wants JPMorgan Chase on your smartphone

Jamie Dimon wants JPMorgan Chase on your smartphone

Photographer: Daniel Acker/Bloomberg

Chase U.K. has many finance folk scratching their heads. Britain doesn’t need another online-only bank. It already has a host of scrappy upstarts making little headway against a handful of dominant traditional lenders.

So why is JPMorgan Chase & Co. spending time and money pursuing U.K. customers? If it wins a couple of percentage points of market share, the profit would surely be no more than a rounding error for the largest U.S. bank.