JPMorgan Chase may have to cough up billions to settle charges tied to toxic mortgages during the financial crisis, but its consumer bank division is still sailing along.
For the second consecutive year, Chase led the nation in deposit growth, with customers adding $87 billion to their bank accounts, according to newly-released Federal Deposit Insurance Corp. data.
Deposits increased 10.1 percent — nearly double the industry average of 5.4 percent — in the 12 months ending June 30, 2013. Chase’s deposits totaled $952 billion.
“Our bankers help our customers manage their finances so they can focus on the things that are most important in their lives,” said Barry Sommers, chief executive of Chase Consumer Banking. “We’re proud that our customers trust us with more of their money.”
Chase ranked #1 in three of its five largest markets:
|New York -NJ||1||$435.8 billion||8.5%|
|Dallas-Fort Worth||2||$41.7 billion||9.0%|
|Los Angeles||4||$36.4 billion||10.1%|
Chase also moved up to #1 in three additional markets:
- Phoenix-Mesa-Scottsdale: 10.6% increase to $18.1 billion
- Ann Arbor, Michigan: 16.9% increase to $1 billion
- Prescott, Arizona: 13.6% increase to $810 million
Chase has the largest ATM network in the country, the second largest branch network, and the third largest share of deposits.