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Digital technology will strengthen America’s biggest retail banks

BY ALMOST ANY measure, America’s biggest banks are behemoths. JPMorgan Chase’s balance-sheet weighs in at $2.7trn, Bank of America’s (BofA) at $2.4trn. Citigroup tips the scales at almost $2trn and Wells Fargo at $1.9trn. Their combined market value is nearly $1trn. Last year they raked in over $100bn after tax.Yet by one gauge, the titans are curiously tiny. Together that quartet holds only about a third of Americans’ deposits (see chart). The biggest names in other rich countries, from Canada to Sweden, have far larger shares. Perhaps only Germany’s market, with its hundreds of municipal and co-operative banks, is similarly fragmented.
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