Jamie Dimon’s UK retail banking play is having A Bad One
Here’s Reuters one week ago:
Wall Street giant JPMorgan is planning to double the size of its workforce at fledgling British retail bank Chase to at least 2,000 within two years, the CEO of the venture told Reuters, despite losses and some investor scepticism.
JPMorgan said it had attracted one million customers and more than 10 billion pounds ($10.8 billion) of deposits to its UK mobile app bank since its launch last September.
And here’s This Is Money (the acceptable, personal-finance face of MailOnline) today:
Chase Bank has left its customers in limbo after its app crashed leaving up to 1 million users without access to accounts.
The app-only banking provider has experienced a major outage since lunchtime yesterday, which is preventing customers from logging in.
Chase, which currently serves more than one million UK banking customers, says it is ‘working around the clock to resolve the issue.’
In an email to clients on Wednesday afternoon, bone-chillingly titled “An update on our services”, Chase UK chief Sanjiv Somani addressed the hordes of frustrated interest-rate hustlers (the words every customer wants to hear emphasised by us):
Since Monday evening, we have been experiencing intermittent issues with one of our systems . . .
I know that this is not what you expect from your bank and I am sorry for the inconvenience. I’d like to reassure you that your money is safe and we will do everything we can to make sure that you are not negatively impacted by this issue.
The status page is pretty ugly (sample below):
Many of these things are useful features for your current account to provide! © Chase UK
The FT has previously reported on the scepticism that Chase UK drew from investors, who ventured rare criticism against JPMorgan boss Jamie Dimon over the decision to enter the hyper-competitive UK market.
This story originally appeared on: Financial Times - Author:Louis Ashworth
