From a Berlin WeWork office, JPMorgan is gearing up to launch a bank with the Chase brand in Germany. Europe’s biggest economy has a population of more than 80 million, a huge pool of savings—and a notoriously unprofitable banking sector.
It is already one of Germany’s biggest banks by assets, lending to major companies, trading securities and processing payments from Frankfurt, where it housed its European Union business after Brexit. Dimon missed JPMorgan’s second- quarter earnings call last year to travel to events marking the bank’s 100 years in Germany.

Competing with foreign retail banks on their home turf is a business that Dimon resisted before digital banking removed the cost of branches. He is pressing forward just as rivals Citigroup and HSBC abandon decadeslong attempts to become players in local markets across the globe.
The European project’s $450 million annual budget has been the main source of angst among some executives and analysts, though Chase has recently spent less than that, one of the people said. JPMorgan shelled out on splashy marketing campaigns, tech and customer sweeteners and services.
Wages are a big expense, as JPMorgan competes for staff with tech companies and fin–tech firms offering equity, some of the people said.