JPMorgan Chase surpasses Bank of America as largest bank
JPMorgan Chase & Co. has officially become the largest bank in the country, surpassing its once-larger rival Bank of America after each bank’s latest quarterly earnings were released, Charlotte Business Journal reports.
JPMorgan Chase (NYSE: JPM) now has $2.29 trillion in deposits nationally. BofA (NYSE: BAC) now has $2.22 trillion in deposits overall as of its third-quarter earnings report Tuesday morning.
Observers had been expecting the change for several months as BofA shed assets. Chief Executive Brian Moynihan has been selling non-core assets in a bid to boost capital ratios and focus on core lines of business that serve consumers, businesses and institutional investors.
