This article covers the top competitors of JP morgan bank.
About the company
JP Morgan Chase & Co, a financial service holding company and an investment bank, was founded in 2000 and headquartered in New York, New York. JP Morgan has a valuation of $464.2b although 255,351 employees are working there. JP Morgan is a big industry as it has 4.9k branches worldwide with $129.5b revenue.
In recent, analytics shows a 1% decrease in the number of employees of JP Morgan. Due to this, also there is a slight decrease seen in its revenue and gross profit. And that’s why State Street, Morgan Stanley, Goldman Sachs, and HSBC trying to compete with JP Morgan, also introduced authorized services globally.
Here we do an in-depth analysis of the top competitors of JP Morgan.
TOP JP MORGAN COMPETITORS
The top on the list of JP Morgan competitors, the state street, business banking service, and a financial holding company that provides investment assets with a range of products. State Street was founded in 1972 but still has low revenue as compared to JP Morgan. State street recorded only $11.7b revenue with a net income of $2.4b.
Here, two important factors due to which state street is considered a competitor to JP Morgan is the cost of assets under custody and management. Yes- JP Morgan has $31b assets under custody while State Street has $36.6t assets under custody. Last year, State Street recorded $3.1t assets under management. In contrast, JP Morgan recorded $2.7t.
The second in the list of top JP Morgan competitors is Morgan Stanley.
Morgan Stanley is an investment banking service that offers various financial trades and advises, founded in 1935 with headquarters in New York, US. This company has been competing with JP Morgan for the past few years but still has not succeeded. The net profit, valuation, gross profit, and cost of goods are less than JP Morgan. But analytics admire its social media presence and interaction with social media fans. The bottom line is all great but still far from the destination.
The third in the list of Top competitors of JP Morgan
This company is even older than Morgan Stanley and State Street and has been founded in 1869. Goldman Sachs, also known as Goldman Sachs Group, provides securities, global financial services, investment ideas, and much more, which will take you towards the benefit. Still, despite being such an old company, it lags behind JP Morgan. It is also headquartered in New York and employs only 38,000 people, far less than JP Morgan and, of course, to compete with it. Moreover, with 100% social media engagements with fans and $154.1b of revenue, it can be considered as one of the main competitors to JP Morgan.
Last year, it was noted that HSBC had almost brought in more employees than JP Morgan, but then suddenly, a 4% decrease in the employee graph was seen. That’s why HSBC was runner up last year but still the strongest competitor among JP Morgan.
HSBC provides almost the same services as JP Morgan and works with 226,000 employees. The valuation rate is $128b, which is so far less than JP Morgan. According to last year’s analytics, if we talk about the revenue, HSBC has a total revenue of $80.4b with $6.1b of net income.
Bank of America
Bank of America is the 5th main competitor of JP Morgan.
BOA is the 2nd largest banking institution in America, after JPMorgan Chase, and the eighth largest bank in the world. Considered as one of the Big Four banking institutions of the United States.
Bank of America services approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
The next in the list of competitors of JP Morgan is Citigroup, which is an American multinational investment bank and financial services corporation headquartered in New York City.
Formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002.
Commonly cited as too big to fail, Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo.
It is also one of the Big Four banking institutions of the United States.
Citigroup has over 200 million customer accounts and does business in more than 160 countries
The last in the list of top JP morgan competitors is Wells Fargo.
Wells Fargo is an American multinational financial services company with corporate headquarters in San Francisco, California.
Wells Fargo is the fourth-largest bank in the US by total assets. Wells Fargo is ranked number 30 on the 2020 Fortune 500 rankings of the world’s largest corporations by total revenue.
This concludes the list of top JP Morgan Competitors