9/17, 1:40 AM (Source: TeleTrader)
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JPMorgan to open its first overseas retail bank in UK

JPMorgan Chase & Co. will open its first overseas retail bank in its 222-year history next week in the United Kingdom, with the option of expanding its business into the rest of Europe and Latin America, its Chief Executive Officer of the International Consumer Growth Initiatives Sanoke Viswanathan told the Financial Times.

"This is a very big strategic commitment from the firm's standpoint," he said. "We will spend hundreds of millions before we get to break even and get to a place where this is a sustainable business, and we’re not in a rush."

The news comes shortly after JPMorgan Chase announced it will buy a controlling stake of close to 75% in Volkswagen Payments SA's payment platform.

Breaking the News / JR