Wells Fargo Passes JPMorgan as Top U.S. Bank by Value of Shares
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Wells Fargo & Co., the San Francisco-based lender that doubled its size by buying Wachovia Corp. during the credit crisis, passed JPMorgan Chase & Co. to become the largest U.S. bank by stock-market value.
Wells Fargo’s market capitalization rose to $157.6 billion at the close of New York trading yesterday, surpassing JPMorgan’s $156.4 billion. Wells Fargo is ranked fourth by assets and deposits, while JPMorgan is second behind Bank of America Corp. and New York-based Citigroup Inc. is third.