JPMorgan Chase (NYSE:JPM) is looking to expand its European footprint with plans to launch a consumer bank in Germany starting in the second quarter of next year, according to a media report published Thursday.
By the end of 2025, Chase, the consumer and commercial banking brand of JPMorgan (NYSE:JPM), will establish its headquarters in Germany’s capital Berlin, Bloomberg reported, citing a release.
The move adds to JPMorgan (NYSE:JPM), the U.S. largest bank, already has a large presence in Germany, with offerings across investment banking, asset management, private banking and payments.
JPM’s expansion in Germany puts it in deeper competition with Deutsche Bank (DB), the country’s largest bank.
JPMorgan (JPM) did not immediately respond to Seeking Alpha’s request for comment, though a company spokesperson confirmed the release.