JP Morgan Targets UK With Fresh Credit Card Offering: Report

JP Morgan Chase & Co. JPM shares are trading higher on Friday. The bank reportedly started internal testing of a new credit card product.

The move comes as a part of plans to expand its offerings to U.K. consumers, reported Bloomberg. The bank’s senior executives are said to be testing the credit cards within their mobile apps.

A person familiar with the matter said to Bloomberg that the product has been under development for over a year.

The new credit card will be added alongside investment products from JPMorgan’s digital wealth manager, Nutmeg, on its U.K. retail app, the report noted.

Notably, Nutmeg is the U.K.’s first and now largest digital wealth manager and serves over 200,000 customers, per the company’s website.

In July, the bank warned its 86 million customers to prepare for potential new charges on their bank accounts.

This week, as per a report, JPMorgan is reportedly in talks with Apple about taking over its credit card program. The discussions began earlier this year and have advanced in recent weeks.

Notably, Goldman Sachs is the current card issuer, but Apple and Goldman decided to part ways last year in their partnership, which included credit cards and savings accounts.

Investors can gain access to the stock via iShares U.S. Financial Services ETF IYG and SPDR Select Sector Fund – Financial XLF.

Price Action: JPM shares are down 0.04% at $210.40 at the last check Friday.

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