JPMorgan Chase will launch a digital retail bank in Germany next year after opening its first office there more than a century ago.
Germany will be Chase’s second European retail market following the bank’s launch in the U.K. in 2021. That country is home to 2.5 million Chase customers.
“Chase is designed for how people want to bank today: digital-first, simple, and rewarding – grounded in trusted institutions and supported by real people,” Daniel Llano Manibardo, the bank’s head of Germany international consumer banking, said Thursday in a prepared statement.
JPMorgan’s first retail product in Germany will be a savings account, the bank said. A JPMorgan spokesperson declined to provide more specifics on the product launch timeline thereafter.
“We will start with a compelling savings account because of the popularity of savings products in Germany. Our wider digital banking offer will be gradually expanded step-by-step to help consumers unlock the full potential of their money,” Manibardo said.
JPMorgan’s German presence includes 900 employees across commercial and investment banking, private banking, and asset and wealth management. But soon that will grow with the opening of Chase’s headquarters in Berlin.
The bank’s entrance into Germany has long been part of its broader plan. JPMorgan CEO Jamie Dimon in 2023 confirmed “ambitious plans” for the bank’s digital operations.
“It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries,” he said at the time – though the timeline then was for the bank to launch early this year.
That has been adjusted to the second quarter of 2026.
“We see strong demand in Germany for a digital bank built on trust, innovation, and global expertise,” said Mark O’Donovan, JPMorgan’s CEO of international consumer banking, who was appointed to the role in June. “We are entering the market with ambition, but also with deep respect for what German customers expect from their banking relationships.”
In 2023, JPMorgan’s then-President Daniel Pinto – now vice chairman, en route to retirement – moved up the U.K. retail bank’s break-even timeline to May 2025, two years ahead of schedule.
Chase U.K. CEO Kuba Fast stopped short of confirming the bank’s profitability to The Banker in July, instead saying the bank will “continue to be optimistic” about breaking even this year.
