JPMorgan Multiplies as BofA Shrinks

Those good people at Businessweek report that Charlsey Smedley, a retired schoolteacher in Orlando, Florida, started moving her checking account last month to JPMorgan Chase & Co. from Bank America Corp., where she has been a customer for more than 35 years.

Jamie Dimon, JPMorgan’s CEO, had people like Smedley in mind when he announced plans in February to open as many as 2,000 branches, more than half of them in Florida and California, expanding the New York-based bank’s network by almost 40 percent. He’s targeting states dominated by Bank of America, the biggest U.S. bank by deposits, and Wells Fargo & Co., which has the largest branch network.

The strategy runs counter to Bank of America’s plan to close 10 percent of its offices as analysts question whether the industry needs a bank on every corner. Doubts about the expense of branches have arisen as customers cut back on borrowing and mobile and online banking take hold…

http://www.businessweek.com/news/2011-06-14/jpmorgan-multiplies-as-bank-of-america-shrinks-in-deposit-grab.html