JPMorgan Chase & Co. (NYSE:JPM) ranked first in a US customer satisfaction poll, as its three largest rivals, counting perennial leader Wells Fargo & Co, registered a drop in their ranks.
JPMorgan, the leading US bank by assets, saw its score surge almost 6% from previous year to 74 on a 100-point scale. But smaller banks and credit unions sustained to record higher numbers than all large banks, in accordance with a yearly report by the American Customer Satisfaction Index. Its shares were trading at $43.09 with the change of +$0.74 or +1.75% as of 11:28AM EST. [article_detail_ad_1]
Large banks have drawn the ire of clients for receiving bailouts during the financial crisis and for rolling out greater fees in current years. Still, the survey found that all of the big banks, except for Bank of America Corp (NYSE:BAC), have seen their scores match or eclipse pre-financial disaster levels. BAC shares were trading at $10.69 with the change of +$0.12 or +1.14% as of 11:33AM EST.
David VanAmburg, managing director of the ACSI commented that the gap at the present from Bank of America to everybody else is pretty big. High fees were the largest concerns of its customers, he added.
The poll rates satisfaction with banks’ checking, savings and individual loan accounts. ACSI, which was founded at the University of Michigan’s Ross School of Business, interviews regarding 70,000 customers every year for its surveys of 230 firms in 47 industries.
Wells Fargo & Company (NYSE:WFC) had held the peak spot along with large banks for 11 years, counting eight years for Wachovia, which Wells purchased in 2008.
Its 3% decline to 71 is a concern for the bank, but not a key one unless a downward trend develops, VanAmburg stated. Over the years, the bank has advertized its No. 1 rating in the poll, even as it was completing a key merger. Its shares were trading at $33.40 with the change of +$0.35 or +1.06% as of 11:40AM EST.
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