But that’s over now, and not only JP Morgan wants to get involved – a new competition for private customers has seized the industry. The major French bank BNP has started in Germany with a subsidiary, the German branch of the Dutch ING is aiming to serve ten million German citizens, and the direct bank DKB is complaining about the ambition of 12 million users. “That’s excellent for customers, banking could become even cheaper,” predicts Volker Brühl, Managing Director of the Center for Financial Studies at Goethe University Frankfurt. Banks, on the other hand, are in danger of being badly hurt: Some customers could disappear, others could get carried away with their ambitions – like Jamie Dimon and JP Morgan, perhaps.
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So far, only outlines of the offer are known, with which the major US bank could start in Germany. At least the name is clear: the online bank should be called Chase. After all, Dimon’s forces have already fielded an online institute in the UK against competitors under this brand. In addition, as in other countries, Chase is apparently aimed at ordinary private customers, which would complement JP’s product range in Germany. So far, the largest bank in the world has only been active in investment banking and in business with companies and the super-rich.