J.P. Morgan is planning to establish a merchant bank, with operations expected to start before the end of 2026. This move is subject to regulatory approval.

Further details about the planned merchant bank are available from the source. The timeline for commencement of operations is set, but the exact details of the bank's operations and structure are not provided here.

The source reports that J.P. Morgan's plan to establish a merchant bank is underway, with a target start date before year-end, pending approval from regulators.