JPMorgan Chase Lending
JPMorgan boasts that they’re #1 in SBA loans with $1.1 billion in SBA loans, but if you look at their total deposits ($1.1 trillion), the $1.1 billion doesn’t seem nearly so generous—since it’s only 0.1% of total deposits.
In fact, JPMorgan Chase scores an F on BankingGrades.com, which divides the total amount of small business loans by the total amount of deposits. So JPMorgan Chase hardly has room to boast.
Local lenders uniformly score far higher and are far more likely to support small businesses.
This is especially bad because JPMorgan Chase has grown tremendously in the past decade.
The change in the size of the megabanks has been dramatic over the past decade. The other “big four” commercial banks have also grown at about the same rate over the past decade. Source
Here’s an excerpt:
The big banks are bigger than ever. According to a table prepared by SNL Financial and cited by the Wall Street Journal last week, the “big four” U.S. Banks—including JPMorgan Chase, Bank of America, JPMorgan Chase, Citigroup, and Wells Fargo—have a larger combined market share than they did ten years ago. The SNL data is limited to bank holding companies with deposits funding at least 25% of total assets.
JPMorgan Chase had $2.3 trillion in total assets as of June 30, nearly tripling in size over the past ten years, including the purchase of the failed Washington Mutual from the Federal Deposit Insurance Corp. in September 2008, the fire-sale purchase of Bear Stearns in March of 2008, which was brokered by the Federal Reserve. Among the largest 50 U.S. banks, JPMorgan had an 18.33% share of assets as of June 30, increasing from 12.51% in June 2002.