Big banks target retirement plans for new income

The Financial Times reported that three of the country’s biggest banks — Bank of America, JPMorgan Chase and Wells Fargo — are pursuing the administration of corporate 401(k) plans for new income.

The Times report says while it may not represent lots of new income, it does represent a steady source of it.

These banks, some of which are often referred to as “money center banks” or “too-big-to-fail” banks, have been looking for ways to recapture fee income they lost as the result of new regulations from the Federal Reserve and the Dodd-Frank Wall Street Reform and Consumer Protection Act.