JPMorgan Chase close to becoming the largest US bank
July 8, 2011‐ Washington, USA
JPMorgan Chase & Co is close to Bank of America in becoming the largest bank in USA. And this uno status has actually come as banks are closing down their loss making branches and trimming their network. Added the bad acquisitions BoA has proved to be even more expensive than expected.
As of March 2011, JPMorgan has assets of $2.2 trillion as against to that of BoA's $2.27 trillion. On performance front, JPMorgan is gaining assets in the last three quarters hinting that this quarter could see JPMorgan crossing BoA. However, some analysts differ on this. Few saw, the announcement of JPMorgan becoming the biggest American bank would come by the year-end while few others feel it would take 12 to 18 months' time.
Despite all this, JPMorgan isn’t the world's largest bank. It would stand in #6 position while the uno position is taken over by BNP Paribas SA.
The bad economic situation has changed how growth is measured. The question now is not about which of the two banks will grow faster. It is about who will shrink the least.
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