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JPMorgan’s Nutmeg play is latest in a fierce war for consumer wallets

As JPMorgan prepares to launch a UK retail bank, why not offer the chance for customers to stick some of that money away into funds as well?

Fintech has advantages over banks, and JPMorgan isn't alone in wanting to crack this market
Fintech has advantages over banks, and JPMorgan isn't alone in wanting to crack this market Photo: Alamy

That Nutmeg could not survive as a standalone entity for much longer was an open secret in the wealth-management profession.

Having racked up more than £80m in cumulative losses since launching in 2012, the robo-adviser might have been one of the first to enter the game, but it certainly had not beaten its peers to a magic formula for success that still eludes the online investment sector.

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