JPMorgan tops Wells Fargo as biggest US bank by market cap

NEW YORK: Wells Fargo & Co lost its title as the world’s most valuable bank to JPMorgan Chase & Co. Wells Fargo, which is grappling with the fallout from claims that its employees created fake customer accounts, slumped 3.3% to close at $46.96 on Tuesday in New York. That reduced the firm’s market value to $236.9 billion, compared with $240.3 billion for JPMorgan.

Wells Fargo was fined $185 million last week after the Consumer Financial Protection Bureau accused bank employees of creating deposit and credit-card accounts without clients’ approval to reach sales goals.

Chief Executive Officer John Stumpf has been asked to testify in Washington about the alleged misconduct, while the San Francisco-based bank agreed to eliminate sales goals for retail bankers, effective January 1.