• Big banks' turf battle is heating up in Charlotte

    By: Jen Wilson, Charlotte Business Journal

    Updated:

    CHARLOTTE, N.C. - The CEO of JPMorgan Chase & Co. makes no bones about his company’s motivation in expanding its retail presence in Charlotte — the nation’s largest bank is taking aim at turf largely controlled by hometown giant Bank of America Corp.

    [ALSO READ: Inside Bank of America's veteran-hiring binge]

    “We’re going right at Bank of America, folks, in Charlotte, their hometown,” Dimon said at a branch opening in New York City, according to a report from Bloomberg. “We’ve been waiting a long time to start the expansion of Chase retail.”

    As the No. 2 bank in the U.S. by assets, Charlotte-based BofA is JPMorgan’s biggest rival. The news service notes both banks are in the midst of plans to add branches in new and existing markets. Currently, BofA holds a whopping 80%, roughly, of the local market share in terms of deposits, while Chase is just coming onto the scene with plans to open its first retail branches here this year.

    [ALSO READ: How BofA, Wells Fargo performed in this year's stress testing]

    But as one analyst recently pointed out, the competition involves other players, too.

    Read more here

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