JP Morgan looks set to open digital bank in UK under Chase brand.

Herbalus

London7766551 said:

Thrugelmir said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Chase is an established brand people will trust, 

A brand that the vast majority will never of heard of.  To make a splash going to have something different in what is already becoming a crowded market. 

I know of Chase and I know many others that do too. I suspect people will soon come to know the brand if they offer a good saving rate.

Banks don't borrow for fun. Raising capital has a purpose behind it. 

Yes doesn't it relate to the more money you have the more money you can borrow? But to have too much money means the bank is subject to rules hence Marcus no longer accepting new customers. 

What???

RG2015

Herbalus said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Chase is an established brand people will trust, 

A brand that the vast majority will never of heard of.  To make a splash going to have something different in what is already becoming a crowded market. 

I know of Chase and I know many others that do too. I suspect people will soon come to know the brand if they offer a good saving rate.

Banks don't borrow for fun. Raising capital has a purpose behind it. 

Yes doesn't it relate to the more money you have the more money you can borrow? But to have too much money means the bank is subject to rules hence Marcus no longer accepting new customers. 

What???

I believe the suggestion is that Marcus in the UK is approaching deposits of £25 bn. which would require them to ringfence funds to separate them from Goldman Sachs investment operations.

sausage_time

Thrugelmir said:

London7766551 said:

Chase is an established brand people will trust, 

A brand that the vast majority will never of heard of.  To make a splash going to have something different in what is already becoming a crowded market. 

I had a UK Chase Credit Card in the 1990s, and UK Morgan Stanley cards in 2004-2008 (Visa and MC on one account if I recall).  So not completely unknown.

RG2015

sausage_time said:

Thrugelmir said:

London7766551 said:

Chase is an established brand people will trust, 

A brand that the vast majority will never of heard of.  To make a splash going to have something different in what is already becoming a crowded market. 

I had a UK Chase Credit Card in the 1990s, and UK Morgan Stanley cards in the 2004-2008 (Visa and MC on one account if I recall).  So not completely unknown.

I don’t believe that Morgan Stanley has any connection to JP Morgan Chase other than its original founders in the 1930s.

RG2015

soulsaver said:

Better to see two, than none at all...

This appears to be the first time this has been posted on MSE so many thanks to @gsmh.

London7766551

Herbalus said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Chase is an established brand people will trust, 

A brand that the vast majority will never of heard of.  To make a splash going to have something different in what is already becoming a crowded market. 

I know of Chase and I know many others that do too. I suspect people will soon come to know the brand if they offer a good saving rate.

Banks don't borrow for fun. Raising capital has a purpose behind it. 

Yes doesn't it relate to the more money you have the more money you can borrow? But to have too much money means the bank is subject to rules hence Marcus no longer accepting new customers. 

What???

It is true.

Sandtree

London7766551 said:

Herbalus said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Chase is an established brand people will trust, 

A brand that the vast majority will never of heard of.  To make a splash going to have something different in what is already becoming a crowded market. 

I know of Chase and I know many others that do too. I suspect people will soon come to know the brand if they offer a good saving rate.

Banks don't borrow for fun. Raising capital has a purpose behind it. 

Yes doesn't it relate to the more money you have the more money you can borrow? But to have too much money means the bank is subject to rules hence Marcus no longer accepting new customers. 

What???

It is true.

Don't think the truth was disputed just it wasn't clear what you meant... even I am confused by the first sentence and wonder if you meant lend? (ie pointing out that a bank can lend more money than the money its received in for savings etc - not sure if debt its issued counts towards the money multiplier or not though given your comment was against banks raising capital)

London7766551

Sandtree said:

London7766551 said:

Herbalus said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Thrugelmir said:

London7766551 said:

Chase is an established brand people will trust, 

A brand that the vast majority will never of heard of.  To make a splash going to have something different in what is already becoming a crowded market. 

I know of Chase and I know many others that do too. I suspect people will soon come to know the brand if they offer a good saving rate.

Banks don't borrow for fun. Raising capital has a purpose behind it. 

Yes doesn't it relate to the more money you have the more money you can borrow? But to have too much money means the bank is subject to rules hence Marcus no longer accepting new customers. 

What???

It is true.

Don't think the truth was disputed just it wasn't clear what you meant... even I am confused by the first sentence and wonder if you meant lend? (ie pointing out that a bank can lend more money than the money its received in for savings etc - not sure if debt its issued counts towards the money multiplier or not though given your comment was against banks raising capital)

Basically, from what I understand, if a bank has £1 saved, it can borrow five times that and give it to customers. So the more money people deposit at the bank, the more money it can borrow and lend out, and make profit from that.

adamp87

https://www.thisismoney.co.uk/money/markets/article-9533225/JP-Morgan-set-launch-UK-current-account-autumn.html?ICO=most_read_module&mrn_rm=rta-fallback

Seems we’ll be seeing this before the years out. 

Although I struggle to see how they will be effective without really offering something we can’t already get elsewhere.

There are so many current accounts available at the moment to begin with, and they appear to be wanting to take away from Monzo/Starling. 

I suppose they have the clout to offer credit cards and similar products which Starling/Monzo really at the moment anyway in a place to offer (as I understand)

Thrugelmir

Financial clout. Different league to the FinTech's.