The bank is preparing to launch a range of savings and loan products within the new few months in a move which will disrupt the already fiercely competitive UK consumer banking market.

JP Morgan Chase’s arrival in the UK consumer banking market would mean that the two biggest names on Wall Street would operate retail banks in the UK after Goldman Sachs launches Marcus just two years ago.

The bank’s move into the market would be a vote of confidence in the UK. The potential launch was first reported by Sky News, which said that it would be under JP Morgan’s Chase brand.

It has been reported that JP Morgan has already held discussions with banking regulators about obtaining the necessary approvals for the launch, which is rumoured to be set for later this year.

The bank’s consumer network in the US has a network of 66 million customers, as well as a further four million small businesses. In the last quarter of 2019, the small business arm of the business boasted a net profit of $4.23 billion, The Times reports. 

JP Morgan will update its shareholders later this week during an investor day.