Who Are Bank of America’s Main Competitors?

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J.B. Maverick
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Updated October 13, 2022
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Chip Stapleton
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Reviewed by Chip Stapleton
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Chip Stapleton is a Series 7 and Series 66 license holder, CFA Level 1 exam holder, and currently holds a Life, Accident, and Health License in Indiana. He has 8 years experience in finance, from financial planning and wealth management to corporate finance and FP&A.
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The main competitors of Bank of America Corporation (NYSE: BAC) are the other three "big four" U.S. banks: JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), and Citigroup (NYSE: C).

The largest of the "big four" U.S. banks is JPMorgan Chase (JPM), with reported assets of $3.20 trillion and total deposits of $2.37 trillion as of the end of 2021. Bank of America (BAC) is second, with $2.31 trillion in assets and $1.95 trillion in deposits. Wells Fargo is third, with $1.77 trillion in assets and $1.49 trillion in deposits, and Citigroup is fourth, with $1.68 trillion in assets and $1.30 trillion in deposits as of the end of 2021.

Bank of America: An Overview

Bank of America Corporation is headquartered in Charlotte, North Carolina. Bank of America Corporation was founded when Nations Bank acquired BankAmerica (as it was known at the time) in the largest bank acquisition in history at the time. Bank of America built upon its wealth management and investment banking businesses by acquiring Merrill Lynch in 2008. Including its Merrill Lynch and U.S. Trust wealth management units, Bank of America is the largest provider of wealth management services worldwide.

In 2021, Forbes ranked Bank of America was the sixth-largest corporation in the world. Bank of America was also recognized as the fifth most valuable bank brand name in a Brand Finance study of more than 500 banks.

Bank of America operates nationwide in the U.S. and its territories, and in more than 35 countries, serving 67 million consumer and business clients worldwide.

Bank of America's 2020 annual earnings per share (EPS) was $1.87—a 32% decline from 2019. Bank of America's market capitalization was $335.34 billion as of Aug. 5, 2021. Bank of America's return on assets (ROA) was 0.91% and its return-on-equity (ROE) was 9.58% as of June 30, 2021. Its net profit margin was 29.20% as of June 30, 2021. Its price-to-book ratio (P/B ratio) was 1.17 as of Aug. 4, 2021.

JPMorgan Chase & Company

JPMorgan Chase & Company, headquartered in New York City, was established through a merger between J.P. Morgan Bank and Chase Manhattan Bank in 2000. JPMorgan Chase is the result of a series of mergers and acquisitions, including acquisitions of Bear Stearns, Bank One and Washington Mutual. It is the largest American bank by total assets.

In 2021, Forbes ranked JPMorgan Chase as the third-largest corporation in the world.

JPMorgan Chase provides a vast array of commercial and investment banking services in more than 100 countries, operating dozens of business lines through four primary divisions:

  1. Consumer and community banking (CCB)
  2. Commercial banking (CB)
  3. Corporate and investment banking (CIB)
  4. Asset management (AM)

JPMorgan Chase's 2020 annual earnings per share (EPS) was $8.88—a 17.16% decline from 2019. JP Morgan Chase's market capitalization was $466.50 billion as of July 26, 2021. Its return on assets ratio (ROA) was 1.32%, and its return on equity ratio (ROE) was 16.49% as of June 30, 2021. Its net profit margin is 36.37% as of June 30, 2021. Its price-to-book ratio (P/B ratio) is 1.63 as of Aug. 4, 2021.

Wells Fargo & Company

Wells Fargo & Company, headquartered in San Francisco, was founded in 1852 by Henry Wells and William G. Fargo. The most important Wells Fargo acquisitions include First Interstate Bancorp, Norwest Financial, and Wachovia Bank. As of March 31, 2021, Wells Fargo ranks as the third-largest bank in America by assets.

In 2021, Wells Fargo was recognized as the world's seventh most valuable bank brand name (first in the U.S.) in a Brand Finance study of more than 500 banks. In 2021, Forbes ranked Wells Fargo as the nineteenth-largest corporation in the world.

Wells Fargo offers a wide range of banking and financial services through its more than 7,400 locations and its operations in 31 countries and territories.

Wells Fargo's 2020 annual earnings per share (EPS) was $0.41—a decline of 89.88% from 2019. Its market capitalization was $189.48 billion as of July 26, 2021. Its return-on-assets ratio (ROA) was 0.82%, and its return-on-equity ratio (ROE) was 8.51% as of June 30, 2021. Its net profit margin was 20.06% as of June 30, 2021. Its price-to-book ratio (P/B ratio) was 0.98 as of July 4, 2021.

Citigroup Inc.

Citigroup Inc., headquartered in New York, was formed in 1998 through the merger of Citicorp Bank and Travelers Group, creating what was the world's largest financial services corporation at the time.

In 2021, Forbes ranked Citigroup as the sixteenth-largest corporation in the world. Its operations span more than 100 countries with the largest international presence of any of the "Big Four" banks.

Citigroup's 2020annual earnings per share (EPS) was $4.72, a decline of 41.29% from 2019. Its market capitalization was $140.78 billion as of July 26, 2021. Its return-on-assets ratio (ROA) was 0.89%, and its return-on-equity ratio (ROE) was 10.21% as of June 30, 2021. Its net profit margin was 25.35% as of June 30, 2021. Its price-to-book ratio (P/B ratio) was 0.70 as of Aug. 4, 2021.

Article Sources
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  1. Federal Deposit Insurance Corporation. "Summary of Deposits for June 30, 2020." Search by "Institution Name."

  2. Federal Reserve System. "Insured U.S. Chartered Commercial Banks, December 31, 2020."

  3. Federal Reserve System. "Order Approving the Merger of Bank Holding Companies," Pages 2-3.

  4. Bank of America. "Bank of America Completes Merrill Lynch Purchase."

  5. Bank of America. "Bank of America to Acquire U.S. Trust."

  6. Forbes. "Global 2000: The World's Largest Public Companies."

  7. Brand Finance. "Banking 500: 2021," Page 11.

  8. Bank of America. "Company Overview."

  9. Macrotrends. "Bank Of America EPS – Earnings per Share 2006-2021."

  10. Bank of America. "Stock Price Information."

  11. Macrotrends. "Bank Of America ROA 2006-2021."

  12. Macrotrends. "Bank Of America ROE 2006-2021."

  13. Macrotrends. "Bank Of America Profit Margin 2006-2021."

  14. Macrotrends. "Bank Of America Price to Book Ratio 2006-2021."

  15. JPMorgan Chase. "History of Our Firm."

  16. JPMorgan. "Our Business."

  17. JPMorgan Chase. "How We Do Business," Page 17.

  18. Macrotrends. "JPMorgan Chase EPS - Earnings per Share 2006-2021."

  19. Macrotrends. "JPMorgan Chase EPS Market Cap 2006-2021."

  20. Macrotrends. "JPMorgan Chase ROA 2006-2021."

  21. Macrotrends. "JPMorgan Chase ROE 2006-2021."

  22. Macrotrends. "JPMorgan Chase Profit Margin 2006-2021."

  23. Macrotrends. "JPMorgan Chase Price to Book Ratio 2006-2021."

  24. Wells Fargo. "History of Wells Fargo."

  25. The New York Times. "Wells Fargo Wins Battle for First Interstate."

  26. Wells Fargo. "Wells Fargo and Norwest."

  27. Wells Fargo. "Wachovia Is Now Wells Fargo."

  28. Wells Fargo. "Company Overview."

  29. Macrotrends. "Wells Fargo EPS - Earnings per Share 2006-2021."

  30. Macrotrends. "Wells Fargo Market Cap 2006-2021."

  31. Macrotrends. "Wells Fargo ROA 2006-2021."

  32. Macrotrends. "Wells Fargo ROE 2006-2021."

  33. Macrotrends. "Wells Fargo Profit Margin 2006-2021."

  34. Macrotrends. "Wells Fargo Price to Book Ratio 2006-2021."

  35. The New York Times. "Citicorp and Travelers Plan to Merge in Record $70 Billion Deal : A New No. 1:Financial Giants Unite."

  36. Citi. "Investor Relations: Frequently Asked Questions."

  37. Citi. "Citi Capabilities Overview," Page 4.

  38. Macrotrends. "Citigroup EPS - Earnings per Share 2006-2021."

  39. Macrotrends. "Citigroup Market Cap 2006-2021."

  40. Macrotrends. "Citigroup ROA 2006-2021."

  41. Macrotrends. "Citigroup ROE 2006-2021."

  42. Macrotrends. "Citigroup Profit Margin 2006-2020."

  43. Macrotrends. "Citigroup Price to Book Ratio 2006-2021."

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