The company will launch a digital banking operation under the Chase brand, Sky News reported quoting insider sources.
Chase is a well known banking and financial services brand in the US with a large credit card operation.
The UK bank would compete with rivals, such as Goldman Sachs’ successful launch of its Marcus savings arm.
The Financial Times reports that Clive Adamson, former head of supervision at the Financial Conduct Authority, is set to be chairman of the new banking operation.
Sky News says that JP Morgan wants to capitalise on the shift from traditional bricks and mortar retail banking to digital banking.
Separately, JP Morgan announced last week that former Chancellor Sajid Javid had been hired as an adviser to the company and will combine this work with his work as a politician.
JPMorgan told Financial Planning Today that it did not comment on "rumours."