Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Thailand Inflation Remains Negative for 10th Straight Month in January 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
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.
