JPMorgan ousted from US banking top spot

JPMorgan is no longer the biggest bank in the US after being was overtaken by Wells Fargo at the close of trading last night. Wells's market capitalisation rose to $157.6bn, edging past JPMorgan's $156.4bn.
 
Chief Executive Officer John Stumpf turned to acquisitions to fuel growth at Wells Fargo. The bank has since completed 55 purchases in the last five years - the biggest of which was its $12.7bn takeover of Wachovia in 2008.
 
As far as assets are concerned, with $1.2 trillion Wells is still ranked fourth behind Citigroup, JPMorgan and Bank of America.
 
Read a full report at Bloomberg ·