In addition to having more than a trillion dollars in consolidated domestic assets, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo increased their tech spending to meet the growing demand for efficient mobile banking apps and compete with neobanks and other fintechs. For decades, banks have been merging, partnering, and expanding-so much so that the top four banks accounted for 50% of all US banking assets last year. The Federal Reserve has rolled out a list of top US banks by assets, and we’ve broken down exactly how these financial service giants manage to stay ahead of the competition.
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