JPMorgan is preparing a broader European rollout for its Chase digital bank, with a goal of being present in at least five countries across the region within five years.
The digital bank already operates in the UK and entered Germany last month.
France, Spain and Italy are among the countries under consideration, reported the Financial Times citing sources.
The sources added that no final choice has been made on the next launch.
The UK business, introduced in 2021, was the first step in Jamie Dimon’s effort to take the group’s consumer banking activities beyond the US.
Germany marked its first retail banking entry in mainland Europe.
People close to the strategy said JPMorgan sees an opening between established high street lenders and newer app-based banks.
Rather than presenting Chase as a direct challenger in the style of Monzo or Revolut, executives believe the business can draw on JPMorgan’s existing name and financial resources.
“Chase is trying to find that middle space where it can be a more innovative and digital-forward bank, but really lean on the brand of JPMorgan,” a source said.
In Britain, Chase has gathered more than 3 million customers and has roughly £30bn ($40.2bn) in deposits since launch in 2021.
Company accounts show it spent £233m on marketing in 2024 and 2025 combined.
Last year, it also took over from Google as the official payment partner for Transport for London.
Further expansion in the UK could be affected by ringfencing rules.
These require banks holding more than £35bn in deposits to separate retail banking from higher-risk operations.
JPMorgan has recently appointed former Monzo executive Kunal Malani to oversee its UK business.
The expansion effort in Europe is being run by Mark O’Donovan, who heads JPMorgan’s international consumer bank and also manages the bank’s 46% holding in Brazilian digital lender C6.
JPMorgan has $2.6tn in US deposits but faces a less unified market in Europe.
Bank executives believe they can deal with the regulatory and technology issues that helped create a five-year gap between its first and second international launches, added the report.
