US banking giant J.P. Morgan Chase is set to move into the personal finance market as it looks to replicate the success of rival Goldman Sachs, according to reports.
The firm is set to launch a range of savings and loan products under its Chase brand in the UK within the next few months, Sky News reported over the weekend.
A further report from the Financial Times revealed the firm had asked former head of supervision at the Financial Conduct Authority (FCA) Clive Adamson to be chair of the new business.
J.P. Morgan has been in discussions with the FCA, alongside its banking regulator counterparts about gaining the relevant approvals to allow it to launch into the UK market, sources told Sky News, with the launch set for later in 2020.
The firm has reportedly sounded Adamson out to spearhead the push. Adamson has held several non-executive roles with the firm's European operations since leaving the FCA in 2015. He also served on the board of retail lender Virgin Money until November 2019.
It is unclear whether the plans will be announced during the firm's investor day later this week, when it is expected to outline details of its growth strategy.
The move is set to disrupt an already crowded savings market, Sky News said, suggesting it would spark a price war among lenders.
Goldman has already seen success since its move across the Atlantic two years ago, gaining more than £13bn in deposits by offering market-leading rates during that time.
It had said it would branch out further by launching an investment ISA alongside Nutmeg, although it has since shelves those plans.