JPMorgan Chase now expects its U.K. consumer operation to break even in 12 to 18 months, the bank’s president, Daniel Pinto, told observers at a conference Tuesday, according to Reuters. That’s at least two years ahead of a previously referenced timeline.
Sanoke Viswanathan, chief executive of JPMorgan’s international growth initiatives, said at the bank’s May 2022 investor day that the bank expected its U.K. outfit, Chase, to lose $450 million or a similar amount “for the next few years,” then break even by 2027 or 2028 and “generate significant income thereafter.”
