By Tom Sims
FRANKFURT (Reuters) – JPMorgan Chase announced Thursday it will launch its digital retail bank, Chase, in Germany in the second quarter of 2026. The move marks a significant expansion into Europe’s largest economy and a highly competitive banking landscape.
The U.S.banking giant has been building its presence in Germany through hiring in recent years, but had not previously disclosed the launch timeline. Germany will be Chase’s second European market, following its 2021 debut in the United Kingdom.
JPMorgan already maintains a ample operation in Germany, attracted by its large base of affluent customers, stable regulatory environment, and growing fintech sector.
However, Germany presents challenges for new retail entrants, including a fragmented banking sector with a high number of institutions and thin profit margins.Existing players, such as Deutsche Bank, are actively working to improve retail profitability through restructuring efforts like staff and branch reductions.
Chase will face competition from established digital banks already operating in Germany, including Spain’s Banco Bilbao Vizcaya Argentaria, as well as ING and N26.
The Berlin-based Chase bank will initially offer savings accounts, with plans to expand its product range in the future.
“This marks a significant expansion of JPMorgan Chase’s footprint in the country, building on over a century of serving clients and communities there,” JPMorgan stated.
JPMorgan executives have acknowledged the historical difficulties banks have faced expanding retail operations outside their home markets, but believe the digital era presents new opportunities. “This is going to be a battle,” said Jamie Dimon, JPMorgan’s CEO, in a 2022 address to investors.
(Reporting by Tom Sims, editing by Thomas Seythal, Ludwig Burger, Tomasz Janowski and Jan Harvey)
