JP Morgan swallows Nutmeg as it prepares for UK launch of new digital bank

JP Morgan swallows Nutmeg as it prepares for UK launch of new digital bank

The advance of Wall Street's banking giants into the UK financial services sector took another big step today when JP Morgan Chase announced it had bought the digital wealth manager and so-called 'robo advice' firm Nutmeg.

The move comes ahead of the expected UK launch of JP Morgan's new digital bank, Chase, later this year.

It follows the launch in Britain by Goldman Sachs, three years ago, of its digital savings bank Marcus.