JPMorgan Grows Even Bigger as US Bank Giants Soak Up Assets

(Bloomberg) — The Goliaths of US banking are getting even bigger after a series of regional lender failures funneled assets into giants such as JPMorgan Chase & Co., according to an analysis by S&P Global Market Intelligence.

More than 70% of aggregate asset growth in major US banks was concentrated in the 10 largest lenders, which saw a combined $630 billion increase in the first quarter — when also including assets tied to more-recent mergers and acquisitions, Gaby Villaluz and Zuhaib Gull wrote in a report this week.

JPMorgan saw its assets increase by an eye-popping 8.5% in that period, including growth tied to the May 1 acquisition of First Republic Bank, according to S&P. First Citizens BancShares Inc. saw its assets nearly double from the previous quarter, driven by its decision to buy Silicon Valley Bank. Assets at New York Community Bancorp Inc. jumped by 37% after a subsidiary took over key parts of Signature Bank, the data show.

Source: Yahoo!