Ok all fair points I’ve had a coffee and a breather and to be honest I am just keen on seeing Monzo succeed and this seemed a great solution in my eyes anyway.
But maybe not in everyone else’s - and I have taken that onboard
If Monzo can find a better way to remove the risk it mentioned in its financial report then even better.
With the current economic situation, I don’t think Monzo will be on their own with this - they (along with all banks) are probably better placed to make big changes and still benefit from customer engagement, than companies who’ve had to cut capacities or limit customers in the wake of covid (gyms, swimming pools, etc).
And that’s made me realise that it’s probably best not to get up tight about people disagreeing with me as I can see the logic on both sides
Leaving aside everything else, why wouldn’t they want the brand?
I would suggest that JP Morgan has more name recognition in the UK as a film and TV character than as a bank - he was especially weasely in The Alienist!
JP already have the largest consumer bank in the US (Chase). They wouldn’t have the restrictions on deposits that Goldman do with Marcus.
They also have the resources to offer rates that would blow anything currently available out of the water, if they really wanted to.
If they’re planning to launch in 2021 then this has already been in development for at least a year (and reports from Sky suggest they’re partnered with AWS, so clearly they’re developing it themselves), probably more. They aren’t going to buy Monzo.
No, it didn’t. A generic statement that a company is a “going concern” is standard and as you say expected/nothing to see.
However, the auditors actually put in 1.5 pages which started with:
We draw attention to the Basis of Preparation
in Note 1 in the financial statements, which
indicates that the ability of the group to continue
as a going concern is subject to material
uncertainty.
JP Morgan would be subject to the same restrictions as Goldman/Marcus if their UK deposits reached the relevant threshold limit
I would personally be surprised if a would be purchaser would be so quick to dispose of the branding. In my view it’s one of Monzo’s better qualities. I love the name Monzo, and their company values are on the more admirable side. I wouldn’t miss the coral card though.
I think this is a bad idea because I would not make as much money as I’d like!
We shall see… there’s nothing about adapting large banking tech to new regulatory environments that makes me think “easy”…
The difference being JPMC already have the bulk of the segregation required. Their consumer banking division is entirely separate to their investment bank.
Goldman don’t have that setup.
Maybe I am being cynical here but I feel someone would like to cash out their investment.
JP Morgan Chase have already said that they will be launching under the Chase brand in the UK.
Their first attempt to do a mobile only account in the US flopped
I still have those chase sapphire preferred ads imprinted in my brain from watching US tv. Be curious to say how they bring that brand to the UK, seems like a pretty popular product in the US.
My understanding with Marcus is they would have had to ring fence the savings arm, if the deposits grew above a certain amount. They didn’t want to do that, so they had to stop taking on new customers and limit further deposits.
It’s part of the rules introduced after 2008 to allow an investment bank to fail but limit the impact if their was a retail arm.
He’s obviously concerned about his investment. Being the “no-1 investor.
Spot on! 
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