JPMorgan is most valuable bank in the United States, again

SAN FRANCISCO: JPMorgan Chase, the biggest US bank by assets, reclaimed the No. 1 title by market value as the impact of last year’s wrong-way bet on derivatives fades and investors wager on an investment-banking rebound.

JPMorgan shares rose 1.6 per cent this week, valuing the bank at $184.9 billion through Wednesday. That eclipsed the $184.2 billion for Wells Fargo, which slipped to No. 2 on February 5 after being the most valuable since October 28, 2011, according to data.

The recovery shows JPMorgan CEO Jamie Dimon has blunted fallout from last year’s trading loss, which wiped out as much as $51 billion in shareholder value.

Wells Fargo, led by CEO John Stumpf, 59, has seen the rise of its shares slow amid investor concerns that weaker mortgage lending and shrinking margins will crimp profit