JPMorgan Chase & Co. boosted direct-mail solicitations in the fourth quarter.
Direct mailings by JPMorgan Chase climbed 87% from a year earlier, according to the Chicago research company Mintel Comperemedia. Mailings fell at JPMorgan Chase's main rivals, including American Express Co. and Bank of America Corp., Mintel spokeswoman Joanna Gueller said.
JPMorgan Chase Chief Executive Jamie Dimon, who said last month that he expects the bank's card unit to lose $1 billion a quarter in the first half of 2010, continued to spend on marketing to help the company capitalize when the economy rebounds.
"They'll be ahead of the curve," said Credit Suisse analyst Moshe Orenbuch. "How much depends on how long the others wait."
The second-biggest increase in fourth-quarter direct-mail volume came from U.S. Bancorp, up 64%.
Annualized fourth-quarter mailings fell the most at Capital One Financial Corp., down 60%, followed by Discover Financial Services, at 37%, Gueller said.
