JPMorgan Anticipates Chase, Its UK Bank, Could Achieve Break-Even by Approximately 2025
JPMorgan anticipates its UK-based digital bank Chase to reach a break-even point by around 2025, according to COO Daniel Pinto. With two million customers and nearly $20 billion in deposits, the bank's UK venture has surpassed expectations.
The institution, which commenced operations in the UK in 2021, as part of its expansion into international consumer banking, intends to further grow globally.
Regarding JPMorgan's 46% ownership in Brazil's C6 Bank, Pinto mentioned an approaching break-even point, with no immediate plans to increase their stake despite a recent 6% investment hike in August 2023. C6 recorded a sizeable loss in 2022, amounting to 2.2 billion reais ($452.12 million), after boosting reserves for potential credit losses.
In the US, Pinto warned that the proposed Basel regulations, which increase capital requirements for banks, could negatively impact the capital markets by heightening volatility. JPMorgan CEO Jamie Dimon has criticized these rules for possibly limiting business lending and harming the competitiveness of US banks.
Regarding JPMorgan's 46% ownership in Brazil's C6 Bank, Pinto mentioned an approaching break-even point, with no immediate plans to increase their stake despite a recent 6% investment hike in August 2023. C6 recorded a sizeable loss in 2022, amounting to 2.2 billion reais ($452.12 million), after boosting reserves for potential credit losses.
In the US, Pinto warned that the proposed Basel regulations, which increase capital requirements for banks, could negatively impact the capital markets by heightening volatility. JPMorgan CEO Jamie Dimon has criticized these rules for possibly limiting business lending and harming the competitiveness of US banks.
