Wells Fargo surpasses JPMorgan
Wells Fargo & Co has passed JPMorgan Chase & Co. to become the largest U.S. bank by stock market value, Bloomberg reported. At the close of New York trading on Thursday, San Francisco-based Wells Fargo’s market capitalization rose to $157.6 billion, surpassing JPMorgan’s $156.4 billion. Wells Fargo, which is ranked fourth by assets and deposits, doubled its size during the credit crisis with its purchase of Wachovia Corp.
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