JP Morgan rumoured to be plotting secretive London fintech project
American banking giant JP Morgan is reportedly hiring talent for a secretive new project based in London.
TechCrunch reports that the company is recruiting full-stack and cloud specialist developers for a new company that the publication says will be run like a startup.
It's not clear what form the project will take, and the company is requiring prospective candidates to sign non-disclosure agreements.
But there is speculation that the venture could be a digital-first bank with a focus on savings, operating in the same space as existing British challengers such as Atom.
Meanwhile other sources told TechCrunch that JP Morgan could be planning a SaaS-style cloud banking platform, with the capacity to launch numerous distinct products.
London's so-called 'fintech miracle' has seen the city become a global hub for digital financial services businesses.
The city's leading fintech firms have secured amongst the largest venture capital investments anywhere in the world, including a deal in October that gave challenger bank Monzo a 'unicorn' valuation.
As previously reported, fintech job creation in the capital grew by 61 per cent between 2017 and 2018, making it the fastest-growing sector for new employment.