The news: JPMorgan Chase has rebranded Nutmeg, a UK investment platform it acquired in June 2021, as J.P. Morgan Personal Investing and folded it into its UK banking and wealth management offerings. JPMorgan agreed to buy Nutmeg for between £500 million ($688 million) and £1 billion ($1.38 billion). At the time, Nutmeg counted over 140,000 clients and £3.5 billion ($4.81 billion) under management.

JPMorgan will keep all existing Nutmeg products in the rebrand and introduce several new features over the next year, including a digital wealth planner and a self-directed investment platform that lets customers trade shares, bonds, funds, and other asset classes. Clients with more than £250,000 ($319,000) invested will be assigned a dedicated relationship manager for personalized support.

Zoom out: JPMorgan’s Nutmeg acquisition and integration are part of a larger international roadmap. Its UK retail bank launched in September 2021, and the head of JPMorgan’s international consumer division named mortgages, personal lending, and investments among future planned products. Chase UK has since expanded its UK retail banking products from deposit accounts to credit cards, and in September 2025, JPMorgan said it would launch its digital retail bank in Germany in Q2 2026. The UK retail banking operation has allowed for the testing of a branch-light retail model and new technology, generating insights that benefit its US bank.

Our take: With a retail wealth offering, JPMorgan can compete more directly against UK neobanks Monzo and Revolut, which offer investments in addition to other retail banking products.

It also positions the bank as a fully featured online-only alternative to high-street banks. JPMorgan’s ambitions are clear, and its potential is formidable—but competition may limit its retail banking success in Europe.