JPMorgan Chase (NYSE:JPM) is apparently going digital across the pond. Citing "technology industry sources," a report from the U.K.'s Sky News says that the big American lender intends to open an online-only bank in that country in the first quarter of 2021. They added that the service will use the company's iconic Chase brand name.
JPMorgan Chase has its ducks in a row for the launch. The article's sources said that the company has signed agreements with several partners for the service, most notably Amazon's (NASDAQ:AMZN) Amazon Web Services. It's also teaming up with 10x Future Technologies, a privately held fintech company founded by onetime Barclays CEO Antony Jenkins.
Additionally, JPMorgan Chase has drafted former U.K. Chancellor Sajid Javid to be a member of one of its advisory boards.
Online banking has surged because of the novel coronavirus pandemic. Either unwilling or unable to visit lenders in person, customers are increasingly relying on digital solutions for their banking needs.
Meanwhile, JPMorgan Chase continues to cope with the recent economic slowdown. In its latest reported quarter, the company -- one of the Big Four U.S. lenders -- broke its previous record for quarterly revenue. Specifically, it earned almost $34 billion on the top line. And despite a notable increase in loan-loss provisioning, it was well in the black on the bottom line with a $4.7 billion profit.
The company has not yet commented on the Sky News report.
JPMorgan Chase essentially traded sideways on Friday, lagging behind the gains of the wider equity market.