JPMorgan Chase is reportedly striving to amass 15% of US consumer deposits and expand its credit card share. Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, revealed this to Reuters.
JPMorgan Chase Aims to Secure 15% of US Consumer Deposits
At the end of June 2023, the bank's share of retail deposits stood at 11.3%. The institution is also looking to expand its credit card presence, aiming for 20% of national spending, up from the current 17%.
Lake highlighted the incremental nature of increasing market share, explaining that the bank has not set a specific deadline for these targets but has strategies in place to achieve them.
By the end of the first quarter, JPMorgan Chase's US retail deposits were valued at $1.1 trillion. This expansion follows JPMorgan's acquisition of First Republic, which added $92 billion in deposits after a series of bank failures impacted the industry.
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Future Plans of JPMorgan Chase
The bank also plans to enhance its capabilities and modernize infrastructure and data, using AI, payments, and other business strategies to maintain its market leadership.
Lake noted that these investments are designed to keep JPMorgan Chase at the forefront of the banking industry in the coming years.
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