Quote:
Originally Posted by Houdini
After the Treasury department was going to dip into gov pensions, I thought, "I bet someday they'll try to raid 401k's."
"Bank of America (BAC, news), JPMorgan Chase (JPM, news) and Wells Fargo (WFC, news) 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 401k savings plans.
JPMorgan almost doubled its sales force dedicated to selling retirement-plan services to employers in 2010, says 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."
http://bajansunonline.com/big-banks-...01k-trillions/ |
That's part of a story from MSN that site lifted, not
the FULL story.
"Increased competition from banks may lead to lower costs and more choices for employers and savers, says Laura Pavlenko Lutton, an editorial director in the mutual fund research group at Morningstar.
And it may mean less revenue for the top three 401k administrators: Fidelity, Aon Hewitt and Vanguard, which together had 43% of the market at the end of 2009, compared with a combined share of less than 10% for Bank of America, JPMorgan and Wells Fargo, according to Cerulli."
Fidelity & Vanguard got bailout funds
Interesting that Chase , B of A, Wells Fargo, and Citigroup got over $15 billion in bailouts [
source] so they could lend to consumers again , but they seem to be putting more effort into the 401k push
An ominus quote from the [source] "Where the money went is not clear."