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Wells Fargo is No1 in market cap

24July20152US bank Wells Fargo has overtaken China’s Industrial & Commercial Bank of China as the bank with the largest market value in the world. Wells Fargo’s market capitalization is approaching $300 billion, a first for a US bank. This is $42 billion and $120 billion more than JPMorgan and Citigroup, respectively. The bank’s size underscores the relative strength of the US economy, as China is racked by stock market fluctuations and Europe is hard-pressed with the uncertainties of the eurozone. Even after paying tens of billions in regulatory settlements stemming from the crisis, US banks have recovered handsomely. JP Morgan, the largest US bank by assets and second-largest behind Wells Fargo in market value, hit its own all-time stock record of $69.75 a share. Wells Fargo’s market value surpasses those of all peers thanks largely to its relatively simple business, which does not rely on many complex derivatives or risky trades using borrowed money. It is the No. 1 player in US mortgages but is relatively small in trading, a business that has attracted heavy regulatory scrutiny and higher capital requirements.

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