Chase toppled as biggest U.S. bank by stock market value!
NEW YORK - December 16, 2010 - JPMorgan Chase has been toppled as the biggest US bank by stock market value by Wells Fargo.
Wells Fargo’s market capitalization rose to $157.6 billion at Thursday's close of New York trading, surpassing JPMorgan Chase’s $156.4 billion.
John Stumpf, Wells Fargo’s chief executive, has turned to acquisitions to fuel the bank's growth. The lender has completed more than 55 purchases in the past five years - led by its $12.7 billion takeover of Wachovia in 2008 that doubled Wells Fargo's size - according to Bloomberg.
Wells Fargo boasted $622.4 billion in assets in the quarter before it purchased Wachovia. It held $1.2 trillion in assets at the end of September.
Wells Fargo is ranked fourth by assets and deposits, while JPMorgan Chase is second behind Bank of America, with New York-based Citigroup ranked third.
The biggest stakeholder in Wells Fargo is Warren Buffett’s Berkshire Hathaway.
