Wells Fargo Blasts Past JP Morgan To Become Biggest Bank By Market Cap

Stumpf Wells Fargo

Wells Fargo has overtaken JP Morgan to become the largest U.S. bank by stock-market value, Bloomberg notes.

Wells Fargo’s market cap increased to $157.6 billion at the close of today’s trading.

JPMorgan’s value is $156.4 billion.

For the year, Wells Fargo is up 11%, while JP Morgan has lost 4%.

The reason investors are excited about Wells Fargo? Its acquisition of Wachovia in the depths of the financial crisis is paying off.

Of course this moment could be fleeting, so celebrate while it lasts Wells Fargo-ers.

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