Your commercial news round-up: JP Morgan, Netflix, Sainsbury’s, Mishcon de Reya merger

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In the meantime, here are some relevant commercial stories from this week:

• JP Morgan launches Chase in the UK, a digital retail bank. After three years of secret development, the investment bank has launched a new digital-only lender in Britain. It will offer current accounts before introducing other products like savings and loans in the future. This is JP Morgan’s “first international expansion through a retail operation” in 222 years, the global lender aims to become one of the biggest banks in the country. This launch follows its US rival Goldman Sachs which successfully launched its digital bank, Marcus, in 2018. “We have been watching in which markets customers are really ready to do their banking primarily through digital channels, and the UK frankly leads the way in this respect”, said Sanoke Viswanathan, chief executive of the new Chase bank venture.
   
• Meanwhile, in streaming news, Netflix has acquired the works of Road Dahl. Road Dahl is the author of children’s classics including Fantastic Mr Fox, Willy Wonka and Matilda. The books have been translated into 63 languages and more than 300 million copies have been sold. Netflix hopes this acquisition will help it build a solid content arsenal in the streaming wars against its rivals: Disney+ and Amazon Prime Video. Netflix is spending $17 billion this year to make and license TV shows and films. The streaming platform has roughly 209 million global paid memberships, an increase of more than 16 million from last year.
   
• Asda and Sainsbury’s are on the brink of collapse. The supermarket’s chilled foods distributor, EVCL Chill, faces acute driver shortages that threaten further disruption to other grocery retailers’ supply chains. The independent group, which employs about 1000 people, is close to being placed into administration. EVCL Chill is holding talks with its largest customers, including Lloyds Pharmacy and Argos, about contingency plans to ensure continuity of supply. This news serves as a warning to shoppers to brace themselves for empty shelves during the coming months. Last week, we reported Iceland’s serious shortage of lorry drivers.
   
• Mischon de Reya LLP has announced a new merger with life sciences specialist Taylor Vinters LLP. The deal will create a new legal and consultancy business named MDR Taylor Vinters, led by Taylor Vinters’ management team. The deal was described by Mischon de Reya’s innovation chair, Jeremy Hertzog, as “a transformational moment for both firms.” Mischon de Reya is an independent firm offering a wide range of legal services and Taylor Vinters is an international firm supporting businesses that drive the innovation economy. Mishcon de Reya recently confirmed its plans to go public on the London Stock Exchange which will see all staff members become shareholders.

Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.