From Investing.com: 2024-07-11 06:46:20

JPMorgan Chase aims to attract 15% of U.S. consumer deposits, up from its current 11.3% share. The bank also wants its credit cards to represent 20% of the nation’s spending, growing from 17%. CEO Marianne Lake is focused on expanding capabilities to stay competitive and modernize infrastructure.

With its $1.1 trillion in U.S. retail deposits and $1.96 trillion in overall deposits, JPMorgan is investing in AI, payments, and other strategies to secure its industry leadership for years to come. Lake remains open to future acquisitions after last year’s purchase of First Republic added $92 billion in deposits.

As JPMorgan prepares to report earnings, CEO succession plans are in focus. Lake, a top candidate to succeed Jamie Dimon, acknowledges the possibility of a female CEO. The bank’s potential candidates also include Jennifer Piepszak, Troy Rohrbaugh, and Mary Erdoes, highlighting the ongoing push for diversity in top bank leadership.

JPMorgan’s consumer business generated $17.6 billion in revenue in the first quarter, a significant portion of the company’s total revenue of $41.9 billion. CEO Jamie Dimon and Lake are critical of proposed regulatory changes, citing potential impacts on the cost and access of banking services.



Read more at Investing.com: JPMorgan aims to amass 15% of US consumer deposits, boost credit card share By Reuters