JPMorgan is set to disrupt the UK retail banking market with the launch of a digital consumer offering in the country, confirming months of speculation around a project that has been kept under wraps even from the vast majority of its London employees.

The US bank has unveiled plans to launch a digital consumer bank in the UK under its Chase brand, and has created 400 UK jobs across London and Edinburgh for the new offering. It will continue to hire for the business as it grows, the bank said in a statement.