Yesterday, JP Morgan said that a mobile banking app for consumers will launch in the UK under its Chase brand in the coming months.

The bank will start by offering a current account and debit card, although it is understood that JP Morgan aims to offer other products to British customers, including credit cards.

The announcement tops months of speculation about its plans for a bank in the UK. It will compete against the popular digital-only banks Monzo and Starling as well as Goldman, which launched its Marcus business in the UK in 2018.

JP Morgan is planning a larger range of services than Goldman, which only offers its UK customers online savings accounts, The Times reports.

This will be the first time that JP Morgan will have attempted to push its Chase consumer banking business outside its home US market. Chase counts almost half of US households as customers.

The bank has extensive operations in the UK through its asset management and corporate and investment banking arms, which employ about 19,000 staff here.

The bank, which will pilot the new app among its British staff, has been working on its plans for two years. It is understood that it will consider opening branches in the UK in future if they are needed to support the business.

Sanoke Viswanathan, who has worked on the project since its inception, has been appointed chief executive of the venture, which will be based in London.

Clive Adamson, a veteran regulator who previously held top jobs at the Financial Conduct Authority and its predecessor the Financial Services Authority, will be chairman of the business. Sir Win Bischoff, the financier who was chairman of Lloyds Banking Group between 2009 and 2014, will also sit on its board.

Gordon Smith, JP Morgan’s head of consumer and community banking, said: “The UK has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here.”