As the U.S. financial system struggles, Bank of America Corp. and JPMorgan Chase & Co. are vying to take advantage of others' misfortunes.
In January, Bank of America agreed to buy damaged mortgage lender Countrywide Financial Corp., then JPMorgan in March rescued investment bank Bear Stearns Cos. Last week, the Charlotte bank agreed to buy Merrill Lynch & Co. On Thursday, New York-based JPMorgan bought failed Washington Mutual.
The flurry of deals creates two financial behemoths with massive retail and corporate banking operations. Bank of America holds the edge in most categories, but the race is getting tight. Here's a look at how they stack up, counting all of the recent deals, including Merrill Lynch, which still needs shareholder and regulatory approvals.
Bank of America
CEO: Ken Lewis.
Total assets: $2.9 trillion.
U.S. deposits: $819.6 billion.
States (retail banking): 31.
Mortgage loans serviced: $2trillion.
Credit card loans: $187.2 billion.
Assets under management: $589 billion (plus 50 percent stake in BlackRock, which has $1.4 trillion).
Recent deals: Countrywide ($4 billion), Merrill Lynch ($50 billion).
Headquarters: New York.
CEO: Jamie Dimon.
Total assets: $2 trillion.
U.S. deposits: $679.1 billion.
States (retail banking): 23.
Mortgage loans serviced: $1.4trillion.
Credit card loans: $181.1 billion.
Assets under management: $1.2 trillion.
Recent deals (announced price): Bear Stearns ($1.2 billion), WaMu ($1.9 billion).
Sources: Company presentations; SEC filings; FDIC (June 30 data); Inside Mortgage Finance.