JPMorgan Invests in Infrastructure and AI to Grow Market Share

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JPMorgan Chase It is reportedly strengthening its competitive position in order to maintain its position as the largest bank in the United States.

The bank is modernizing its infrastructure and data, and leveraging artificial intelligence and payments. Marianne LakeThe CEO of JPMorgan Chase's consumer and community banking division told Reuters: interview Posted on Thursday (July 11th).

According to the report, Lake said these investments will “ensure that we remain a leader in the next five to 10 years.”

Lake also said JPMorgan is looking to grow its market share, aiming to increase its share of U.S. consumer deposits from 11.3% to 15% and its share of domestic credit card spending from 17% to 20%, according to the report.

“While we have not set a deadline, our strategy is geared toward achieving it,” Lake said in the report.

J.P. Morgan Acquisition of Failed banks First Republic Federal law bars banks, which held 10% of U.S. deposits last year, from growing through acquisitions unless they buy a failed bank, according to the report.

Lake said he expects JPMorgan would do the same thing again. was She added that bank failures are important for the ecosystem and she does not want to see more bank failures, according to the report.

JPMorgan is scheduled to report its earnings on Friday (July 12), and industry insiders Potential successors Dear CEO, Jamie DimonHe has served in the position since 2006, according to the report.

The bank's board has reportedly said Lake is one of four candidates to succeed Dimon.

In February, it was reported that JPMorgan had plans to open more than 500 new branches. Bank branch Over the next three years, What's missing Expression.

The bank already has the largest branch network with 4,897 branches and has added 650 new branches in the last five years.

Lake said at the time that branch share was less than 5% in 17 of the top 50 markets where JPMorgan wanted to expand.

Bank Revenue The report, due out on Friday, will set the tone for the macroeconomic outlook that will determine consumer spending and the ability of businesses to recover, PYMNTS reported on Monday (July 8).

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