NEW YORK—It isn’t just fintech that has its eye on credit union members’ wallets--the largest bank in the United States wants to get even larger.
The $3.5-trillion JPMorgan Chase Bank, which is larger than all U.S. credit unions combined, has set a goal of attracting 15% of the country's consumer deposits, the company’s CEO of consumer and community banking, Marianne Lake, told Reuters.
The bank had an 11.3% share of U.S. retail deposits at the end of June 2023, according to the latest available data.
JPMorgan Chase has also set a target of reaching sufficient credit card penetration to account for 20% of the nation's spending, expanding from its current 17%.
‘Game of Inches’
"Market share is a game of inches, and it is a very powerful game," Lake said. "While we are not putting any timeline on it, our strategies are geared towards achieving it.”
The bank’s U.S. retail deposits were worth $1.1 trillion at the end of Q1.
Including wholesale deposits, the bank had $1.96 trillion of deposits in the first quarter, up from $1.95 trillion a year earlier, while its closest rival, Bank of America, had $1.82 trillion at the end of first quarter, according to the Reuters report.