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JPMorgan launching digital retail bank in the UK

JPMorgan is planning to expand its retail presence to the U.K. for the first time, but will only offer services through its mobile app.

The bank's first product will be a checking account according to a report by CNBC, and it will be tested internally ahead of its release later this year. That will be followed by a "range of products" likely to include credit cards and home loans, according to a company spokesperson.

The project will provide a case study into whether JPMorgan can expand its retail bank in other countries around the world, according to the report. It could also ultimately determine how the bank manages its network of 4,908 retail branches in the U.S. moving forward.

In recent years, reports that JPMorgan was working on a secretive project in the U.K. emerged after the bank listed job openings there for technical positions. In 2019, TechCrunch reported that the bank was in the early stages of creating a retail digital bank in the U.K. after shuttering a similar offering in the U.S. called Finn. Bloomberg first reported on the official rollout of the U.K. product.