Groaning under the weight.
The superlatives keep rolling in for the boring bank by the Bay: Hot on the heels of its best year ever and its best happy-to-grumpy ratio ever—to say nothing of the relatively small capital charges imposed by the Fed on its favoritest bank in the land—comes word that China’s little hiccup has catapulted the stagecoach atop the market-value table.
San Francisco-based Wells Fargo & Co. recently surpassed Industrial & Commercial Bank of China Ltd. as the lender with the largest market value in the world. Now, Wells Fargo’s market capitalization is approaching $300 billion, a first for a U.S. bank—and $42 billion and $120 billion more thanJ.P. Morgan Chase & Co. and Citigroup Inc., respectively….
Wells Fargo’s market value surpasses those of all peers thanks largely to its relatively simple business, which doesn’t rely on many complex derivatives or risky trades using borrowed money.