11:08 AM EDT, 09/11/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) is looking to use blockchain services to attract clients and help grow its Swiss corporate banking business, Reuters reported Wednesday, citing an interview with a JPMorgan ( JPM ) executive.

Lutz Karl, head of JPMorgan's ( JPM ) business with major corporate clients in Germany, Switzerland and Austria, said the bank has given itself three to five years to increase its slice of the market, adding that the disappearance of Credit Suisse has paved the way for competitors in some areas, Reuters reported.

He said blockchain was opening doors for growth in cash management through payment transactions, according to the report.

Karl said that in Germany, JPMorgan's ( JPM ) blockchain services are already being used by companies such as Siemens to make real-time money transfers globally, Reuters reported.

JPMorgan ( JPM ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 203.94, Change: -1.63, Percent Change: -0.79