Bank of America may have held the top spot in terms of bank deposits in the U.S. for close to two decades, but rival JPMorgan Chase was finally able to dethrone its rival.
According to a report in the Charlotte Observer, JPMorgan Chase jumped ahead of Bank of America which is now in second place behind JPMorgan Chase. The assessment was based on federal data released in October, noted the report.
JPMorgan already holds the title as the bank with the most assets in the U.S. and also for having the largest market capitalization of the publicly traded United States-based banks, according to the Charlotte Observer. The report noted the company said consumers and businesses had deposited $96 billion into their bank accounts so far during 2017, though the bank’s deposits grew by 7.9 percent so far this year compared to 5.3 percent at Bank of America.
Bank of America had held the top position since the merging of Charlotte’s NationsBank and San Francisco’s BankAmerica in 1998 to form Bank of America, noted the report. As of the end of June, though, JPMorgan Chase & Co. had seen $1.3 trillion in deposits. That compares with Bank of America’s $1.29 trillion, the Charlotte Observer reported.
“Customers continue to trust us with their money as we help them bank whenever, wherever [and] however they want,” said Thasunda Duckett, CEO of consumer banking at Chase, in a press release highlighting the milestone.
The new rankings in leading bank based on deposits in the United States comes at a time when the nation’s banks are in a cutthroat battle to gain consumers’ deposits and financial transactions, the Charlotte Observer said. According to an earlier report on Tuesday (Oct. 10), JPMorgan is also making news for leading a $100 million investment in FinTech Bill.com, a firm which is helping businesses around the country digitization payments.