Airline Loyalty Programs Face New Uncertainty as Visa–Mastercard Fee Settlement Evolves 
Magnum Audit Flags Governance Issues at Ben & Jerry’s Foundation Ahead of Spin-Off 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
EU Prepares Antitrust Probe Into Meta’s AI Integration on WhatsApp 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Australia Moves Forward With Teen Social Media Ban as Platforms Begin Lockouts 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Tesla Faces 19% Drop in UK Registrations as Competition Intensifies 
Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature 
YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban 
Proxy Advisors Urge Vote Against ANZ’s Executive Pay Report Amid Scandal Fallout 
Netflix’s Bid for Warner Bros Discovery Aims to Cut Streaming Costs and Reshape the Industry 
Tesla Expands Affordable Model 3 Lineup in Europe to Boost EV Demand 
GM Issues Recall for 2026 Chevrolet Silverado Trucks Over Missing Owner Manuals 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
JPMorgan Chase just purchased Nutmeg, an online investment management company based in London. It was reported that the American investment bank and financial services holding company headquartered in New York City made the acquisition as part of its expansion plans into the UK retail banking and investment business.
About Nutmeg and JPMorgan’s plans
As per Reuters, the bank is aiming to challenge traditional British high street competitors as well as the growing group of fintech. JPMorgan is also planning to turn into a full-service retail bank and offer current accounts to customers for a start.
"We are building Chase in the UK from scratch using the very latest technology and putting the customer's experience at the heart of our offering, principles that Nutmeg shares with us," JPMorgan Chase chief executive officer of international consumer, Sanoke Viswanathan, said in a statement.
On the other hand, Nutmeg stated that it has over 140,000 clients and more than £3.5 billion or around $4.89 billion of assets under management and this “will form the basis of JPMorgan Chase's retail digital wealth management offering internationally.”
Nutmeg was founded only in 2011 and it offers various investment and pension products to clients. However, despite what it can offer, the company has difficulty in churning out a profit. In fact, it was said that it posted a £22 million loss in 2019 and this amount is even pre-tax. Still, Nutmeg is one of the best digital-based advisors in financial planning services in Britain.
JPMorgan is expanding in the U.K.
With its purchase of Nutmeg, JPMorgan Chase is ready to expand its mobile banking service in the United Kingdom. For the expansion, it is targeting the retail investors in the region.
The acquisition is also timely as JPMorgan’s digital bank is already set to be unveiled in the U.K. before the year ends, as per Bloomberg. This deal will really help the American financial bank’s retail business to smoothly take off in Britain. Meanwhile, JPMorgan did not mention how much it invested in acquiring Nutmeg, but industry insiders estimated that its value is more or less £700 million.
