October 16th, 2009

Banks’ Market Shares In New York-New Jersey Area Show Changes

A recently-released data from the FDIC shows some significant changes in banks’ market share in the New York-New Jersey Metropolitan Statistical Area from a year ago before the financial crisis went full swing.

What remains unchanged however, is the dominating share that JPMorgan Chase holds in this particular market, making up for almost a third of the entire deposit volume of the area. The next top 7 to 8 banks make up for another third of the market share, while the last 31% or so is distributed among all other banks.

Other than Chase Bank’s obvious hold of the market, another factor that is quite apparent in the above data is the increase in deposit volume of Chase (29.80% to 31.19%), Bank of New York Mellon which rose from sixth to fourth place (4.21% to 5.05%), and Goldman Sachs, which acquired a 3.98% share as of June 30, 2009, edging out TD Bank from the top 8. These banks are known to be three of the most successful banks in the investment banking and asset management division.

On the other hand, Bank of America and Citibank, two of the largest banks most affected by the crisis, saw their market shares dip slightly; BofA from 8.64% to 8.47%, and Citi from 8.00% to 7.37%. Both banks however, retain their 2^nd and 3^rd rankings.

About the banks

Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.

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Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other. It operates in 32 states, the District of Columbia and 30 foreign countries.

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TD Bank

TD Bank, America’s Most Convenient Bank, reflects the new name for the combined Commerce Bank and TD Banknorth Stores in the Mid-Atlantic, Metro Washington, DC and Florida Markets. The new TD Bank and TD Banknorth form one of the 20 largest commercial banking organizations in the United States. The combined Company – from Maine to Florida – has more than $114 billion in assets and provides Customers with a full range of financial products and services at nearly 1,100 convenient locations.

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Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.