JPMorgan (JPM) Plans to Grow Consumer Deposit Market Share

Core Insights - JPMorgan aims to capture 15% of the U.S. consumer deposits, currently holding an 11.3% share as of June 2023, with strategies focused on market share expansion [1] - As of March 31, 2024, JPMorgan's U.S. deposits totaled $1.97 trillion, with total deposits (including non-U.S.) at$2.43 trillion, slightly growing year-over-year [1] - The acquisition of First Republic in May 2023 contributed $92 billion to JPMorgan's deposit growth [2] Group 1: Growth Strategy - JPMorgan is investing in infrastructure and data modernization, leveraging AI and payment strategies to maintain a competitive edge over the next 5 to 10 years [2] - The company plans to expand its branch network by opening over 500 new branches by 2027 and renovating approximately 1,700 existing locations, aiming to solidify its position as the largest branch network in the U.S. [2] - JPMorgan is also engaged in opportunistic buyouts, increasing its stake in Brazil's C6 Bank and forming strategic alliances with fintech firms [3] Group 2: Market Position - JPMorgan's shares have increased by 40.9$1.95 trillion in total deposits, positioning JPMorgan as a close competitor in the banking sector [1]