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.