JPMORGAN CHASE & CO.

(JPM)
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04:18pJPMORGAN CHASE & CO : Other Events, Financial Statements and Exhibits (form 8-K)
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11:30aJPMorgan Head of Global Credit Markets, Guy America, to Leave Company
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09:36aJPMorgan Chase Completes Acquisition of Global Shares
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JP Morgan braced for more than $1bn losses on digital retail bank

05/25/2022 | 01:41am EDT

WALL Street giant JP Morgan said it is braced for more than $1bn losses as it grows its digital bank Chase over the next few years, as the retail lender passed the 500,000 customer mark in the UK this week.

Boss of JP Morgan's international consumer growth initiatives, Sanoke Viswanathan, said in an investor presentation this week that the firm was expecting Chase to break even by 2027 or 2018.

The bank is expecting to lose around $450m on the bank this year and a "similar amount for the next few years", Viswanathan said.

Chase, which first began operation in the UK last year, would generate "significant income thereafter" if the bank successfully executes its growth strategy, Viswanathan said.

Like many fintech startups, losses are expected as firms scale due to hefty investment in growth and technology development.

His comments came as the digital lender announced it had notched up 500,000 customers in the UK.

(c) 2022 City A.M., source Newspaper

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Financials (USD)
Sales 2022 127 B - -
Net income 2022 32 717 M - -
Net Debt 2022 - - -
P/E ratio 2022 10,6x
Yield 2022 3,41%
Capitalization 347 B 347 B -
Capi. / Sales 2022 2,74x
Capi. / Sales 2023 2,53x
Nbr of Employees 278 494
Free-Float 70,8%
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Number of Analysts 27
Last Close Price 118,39 $
Average target price 138,65 $
Spread / Average Target 17,1%
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Managers and Directors
James Dimon Director
Daniel E. Pinto President & Chief Operating Officer
Jeremy Barnum Chief Financial Officer & Executive VP
Lori A. Beer Global Chief Information Officer
Rohan Amin Chief Information Security Officer
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