JPMorgan Chase, Bank Of America Expanding Into 401(k) Retirement Business

Big Banks Want Bigger Piece Of $2.9 Trillion 401(k) Business

Bank of America (BAC), JPMorgan Chase (JPM), and Wells Fargo (WFC) are adding staff, creating easier-to-use technology, and competing on fees in an effort to win a bigger share of the trillions of dollars in 401(k) savings plans. JPMorgan almost doubled its sales force dedicated to selling retirement plan services to employers in 2010, according to Michael Falcon, whose job as head of retirement in the U.S. and Canada for the bank's asset management unit was created in January. "It's one of the top priorities" at JPMorgan, he says.

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