JP Morgan Plans To Fortify Online Bank Chase In Germany, EU: Report

JP Morgan Chase & Co. JPM reportedly plans to expand its online bank Chase to Germany and other European Union countries.

The expansionary move will increase competition for European rivals in a crowded market, Reuters reported, citing a statement from CEO Jamie Dimon in the German newspaper Handelsblatt.

In its first foray outside the U.S., JPMorgan entered the British market with a digital-only retail offering in 2021, Reuters added. 

"It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries," Dimon was quoted as saying, noted Reuters. "We have ambitious plans," Dimon added.

Also Read: Goldman Sachs, JP Morgan, Wells Fargo Among Major US Banks To Write Off $5B In Loans: Report

Price Action: JPM shares are trading lower by 0.60% to $155.21 on the last check Friday.