Bank Director Names JPMorgan Chase Best Bank

NEW YORK, NY, November 29, 2017 – JPMorgan Chase & Co. topped Bank Director’s 2018 Ranking Banking study, which evaluated the ten largest U.S. retail banks across ten categories, and based on the category rankings and other factors, determined the best bank overall. Bank Director’s research group used a proprietary algorithm made up of more than 50 data points deemed relevant to the banking categories studied. Industry experts, including investment bankers and advisors, were consulted for each category.

Ranking Banking focuses less on current profitability and market capitalization and more on how the banks are strategically positioned for success. Chase won five of the ten individual categories and ranked near the top in three more, and was judged by Bank Director to be the most worthy claimant of the title Best of the Biggest Banks.

The individual category winners are:

Best Branch Network: Wells Fargo & Co.
Despite its well-publicized unauthorized account opening scandal, Wells Fargo topped the branch category by showing the best balance of deposit growth and efficiency, and scored well on customer experience reports from Bank Director’s on-site visits.

Best Board: Citigroup
In ranking the boards of directors of the big banks, Bank Director analyzed board composition by factors such as critical skill sets, diversity, median compensation relative to profitability and independence. Citigroup’s board best balanced all components.

Best Brand: JPMorgan Chase & Co.
Chase and runner-up Capital One Financial Corp. stood out for their media spend as a percentage of revenue, and both exhibited strong customer perception metrics.

Best Mobile Strategy: JPMorgan Chase & Co.
Chase has been successful in driving new and existing customers to its mobile products, leading to an impressive digital footprint, measured through mobile app downloads. The bank’s app also scored well with consumers.

Best Core Deposit Growth Strategy: BB&T Corp.
BB&T had a low cost of funds compared to the other ranked banks, and its acquisitions played a strong role in its core deposit growth, which far surpassed the other banks in the ranking.

Most Innovative: JPMorgan Chase & Co.
Chase most successfully balanced actual results with sizeable investments in technological innovation. These initiatives include an in-residence program and a financial commitment to the CFSI Financial Solutions Lab. Chase has also been an active investor in fintech companies.

Best Credit Card Program: JPMorgan Chase & Co.
Chase barely edged out fast-growing Capital One to take the credit card category, outpacing most of its competitors in terms of credit card loan volume and the breadth of its product offering. Chase also scored well with outside brand and market perception studies.

Best Small Business Program: Wells Fargo & Co.
Wells Fargo has long been recognized as a national leader in banking to small businesses, largely because of its extensive branch structure, and showed strong loan growth, which is difficult to manage from a large base. Wells Fargo is also the nation’s most active SBA lender and had the highest volume of small business loans.

Best for Big Business: JPMorgan Chase & Co.
Big banks serve big businesses well, and finding qualitative differences among the biggest players in this category-Chase, Bank of America and Citigroup-is difficult. But Chase takes the category due to its high level of deposit share, loan volume and market penetration.

Best Wealth Management Program: Bank of America Corp.
With Merrill Lynch fueling its wealth management division, Bank of America topped the category by scoring highly in a variety of metrics, including number of advisors (more than 18,000 at last count) and net revenue for wealth and asset management, as well as earning high marks for market perception and from Bank Director’s panel of experts.

The full analysis of Bank Director’s 2018 Ranking Banking study is available in print and on RankingBanking.com.

ABOUT BANK DIRECTOR
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions across the nation. Through its print and digital editions of Bank Director magazine, executive-level research, annual conferences and its BankDirector.com website, Bank Director reaches the leaders of the institutions that define America’s banking industry.

Source: BankDirector.com, RankingBanking.com

Contact: Michelle King, chief brand officer, (615) 777-8465, [email protected]