JPMorgan Chase is far ahead of its rivals — but the bank is still running the race with an eye on its competition.
In the first half of the year, JPMorgan’s market value reached nearly $800 billion, more than the market values of its competitors Citigroup ($168 billion), Bank of America ($344 billion), and Wells Fargo ($260 billion) combined. In the same period, the bank raked in $30 billion in profit.
According to a Wednesday Bloomberg report, JPMorgan was able to reach market value highs because it benefited from acquiring First Republic Bank in May 2023. The acquisition made the bank even larger and more powerful, allowing it to be the biggest bank in the U.S. with $3.9 trillion in assets at the time of writing.
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