JPMorgan Chase has taken the No.1 spot in a critical ranking for the first time in nearly 25 years

JPMorgan Chase dominates Wall Street investment banking. It’s also the largest US bank by assets and market capitalisation.

Now, it can add top US bank by deposits to the mantle.

For the first time in 23 years, JPMorgan leads US banks in retail deposits, according to data released this week by the Federal Deposit Insurance Corp.

The firm’s deposits grew by $US96 billion, or 7.9%, in the past year to reach $US1.31 trillion as of June 30, 2017, according to the FDIC. That was enough to edge out Bank of America Merrill Lynch, which finished with $US1.29 trillion.

Wells Fargo ($US1.26 trillion), Citigroup ($US505 billion), and US Bancorp ($US329 billion) round out the top-5.

JPMorgan has lead the country in deposit growth each of the past five years, with customers and businesses adding $US447 billion to the bank’s ledger over that time, according to the company.

Get the latest Bank of America stock price here.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.