JPMorgan Chase & Co. (JPM) is making moves in the UK market, testing a new credit card product internally as part of its plan to broaden its offerings to British consumers.
According to Bloomberg, senior executives at the bank are currently testing the credit card feature within their mobile apps. This new product, reportedly in development for over a year, will be integrated alongside investment products from JPMorgan’s digital wealth manager, Nutmeg, on its UK retail app. Nutmeg, the UK’s largest digital wealth manager with over 200,000 customers, will see its services further enhanced by this addition.
These developments come amidst reports that JPMorgan is in discussions with Apple about potentially taking over their credit card program. The talks, initiated earlier this year, have reportedly progressed in recent weeks. It’s worth noting that Goldman Sachs currently serves as the card issuer, but last year, Apple and Goldman decided to end their partnership, which encompassed both credit cards and savings accounts.
Investors seeking exposure to JPM can access the stock through ETFs such as the iShares U.S. Financial Services ETF (IYG) and SPDR Select Sector Fund – Financial (XLF). As of Friday’s last check, JPM shares were down 0.04% at $210.40.
While these moves indicate a clear strategic focus on expanding its UK presence, JPMorgan has also recently warned its 86 million customers about potential new charges on their bank accounts. These developments highlight the bank’s dynamic approach to navigating the evolving landscape of financial services.
