JP Morgan Now Bigger Than Citigroup

You know how people love to complain about how large and sprawling Citigroup is, saying it should break off some of its divisions? Well, thanks to the past few weeks of financial crisis dealmaking, JP Morgan is now the largest bank by assets—and market value for that matter. So, pundits, direct your “this bank is too big” criticism at Jamie Dimon.

Reuters: JPMorgan Chase & Co has become the largest U.S. bank by assets, surpassing long-time leader Citigroup.

Citigroup on Thursday said it ended September with $2.05 trillion of assets, while a day earlier JPMorgan said it ended the month with $2.25 trillion.

JPMorgan, led by Jamie Dimon, vaulted over Citigroup with its $1.9 billion shotgun purchase on Sept 25 of the banking units of Washington Mutual Inc, once the nation’s largest savings and loan…

JPMorgan is also the largest U.S. bank by market value, followed by Bank of America, Wells Fargo & Co and Citigroup, Reuters data shows.

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