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