JPMorgan Widens the Gap Over ‘Broken’ Wells Fargo
- New York bank earns more from consumers than California rival
- Performance will likely keep diverging, RBC’s Cassidy says
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JPMorgan Chase & Co. and Wells Fargo & Co. have long been locked in a fierce race to serve U.S. consumers. One is pulling ahead.
JPMorgan now generates $2 billion more in revenue from its consumer banking unit than its rival, after trailing Wells Fargo by almost $1 billion just two years ago. Jamie Dimon’s New York firm has also grabbed the lead on loans and profit from that business.