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Can JPMorgan make Nutmeg a success two years after its landmark deal?

The landmark deal reportedly cost $700m, but amid a number of executive departures, ailing profitability, and strategic headwinds, questions are being asked as to whether the rationale for the full takeover still holds up

By Justin Cash
Sanjiv Somani (left) and Neil Alexander (middle) are just two of the executives to have left since JPMorgan (led by CEO Jamie Dimon, right) acquired nutmeg
Sanjiv Somani (left) and Neil Alexander (middle) are just two of the executives to have left since JPMorgan (led by CEO Jamie Dimon, right) acquired nutmeg Photo: FN Staff/ Getty Images

In 2021, JPMorgan executives were considering taking a stake in digital wealth manager Nutmeg. But there was a problem — rival Goldman Sachs was already a shareholder.

The pair could not come up with an agreement that would allow JPMorgan the flexibility to plug Nutmeg into its nascent UK consumer banking arm.

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GQG Launches Buyback After Stock Tumbles on Adani Probe

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