JPMorgan's (JPM -0.4%) push into the Boston metro region threatens some regional banks, especially those with high loan/deposit ratios, high deposit costs, and a wealth-management focus, Bloomberg reports, citing a note from Piper Jaffray analyst Matthew Breese.
JPMorgan has applied or been approved for six new branches in the Boston area and is actively hiring, and Breese sees the move as an early stage of a much larger presence in the area.
The Boston market is an already challenging for deposit growth; banks that could be affected include Citizens Financial Group (CFG -0.2%), Webster Financial (WBS -1.3%), First Republic Bank (FRC -0.8%), Independent Bank (INDB), Berkshire HIlls Bancorp (BHLB -0.2%), Brookline Bancorp (BRKL -0.3%), Meridian Bancorp (EBSB -0.3%), and Blue Hills Bancorp (BHBK -2%).
Previously: JPMorgan extends Sapphire brand to checking accounts: Reuters (Aug. 22)
Subscribe for full text news in your inbox