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Bank of America Loses No. 1 Ranking by Assets to JPMorgan Chase

Bank of America Corp. lost its ranking as the largest U.S. lender by assets as Chief Executive Officer Brian T. Moynihan cut jobs and sold units and rival JPMorgan Chase & Co. expanded.

JPMorgan’s total assets increased 1.9 percent in the third quarter to $2.29 trillion as of Sept. 30, while Bank of America reported today a 1.8 percent decrease to $2.22 trillion. San Francisco-based Wells Fargo & Co. was the largest by market value as of yesterday’s close on the New York Stock Exchange.