Bank of America, Chase and Ally announced on Wednesday they would begin selling mutual funds through brokers.
The move comes as the big three banks are also launching a new offering aimed at helping banks manage their exposure to emerging markets, which are still largely unmoored from the financial crisis.
A spokesman for the three said the move was aimed at improving the efficiency of managing investments in emerging markets by simplifying the process and allowing banks to focus on the bigger picture.
“The banks are launching a multi-asset portfolio management program in partnership with the emerging markets bank in order to better manage and invest in the assets of these regions,” the spokesman said.
The three banks also announced that they would start offering investment products in other emerging markets.
The banks’ decision to introduce mutual funds is likely to anger some of the big-three institutions that were hit hardest by the financial crash and recession, which saw the S&P 500 plummet more than 6 percent over the next three years, and the Dow Jones Industrial Average drop nearly 30 percent.
The banks also have been lobbying the Federal Reserve to lift interest rates, which it is likely will happen.
Bank of America and Ally have been among the biggest bank regulators to take a hands-off approach to banks during the crisis, and they have not yet taken a direct hit from the economic downturn.
But it is also possible that the banks’ new products will make them less attractive for investors.
The banks have said they plan to focus more on the markets in the coming years.