Retirement savings in the U.S. may swell to $4 trillion over the next four years and the nation’s largest banks are angling for a bigger share of that money.
Bloomberg reports Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. are adding staff, creating easier-to-use technology and competing on fees in an effort to win more of the $2.9 trillion Americans held in 401(k)s savings plans as of September from traditional account managers such as Fidelity Investments and Vanguard Group Inc. That number may reach $4 trillion by 2015, according to Cerulli Associates, a Boston-based research firm.
“It’s one of the top priorities,” at JPMorgan, Michael Falcon told the news service. Falcon’s job as head of retirement in the U.S. and Canada for the bank’s asset management unit was created in January. The New York-based company is the second-largest U.S. lender by assets behind Bank of America.