BofA (BAC), (JPM), (WFC) Battling it Out Over $4 Trillion U.S. Retirement Market

With projections that the retirement savings of Americans in the next four years expected to reach $4 trillion, giant banks like Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) are boosting staff in those units target the demographic in preparation to make inroads into the lucrative segment.

The financial institutions are also starting to offer technology that's easier to use for seniors and are focusing on competitive fees to win business.

At this time approximately $2.9 trillion is held in savings plans by Americans, and that's only in 401(k)s. That estimated to rise to $4 trillion by 2015, according to Boston-based Cerulli Associates.

JPMorgan's Michael Falcon, head of retirement in the U.S. and Canada, said “It’s one of the top priorities” of the company.