(Bloomberg) -- Uneasy lies the bank that wears a crown.
Wells Fargo & Co., which took the title of most valuable bank in history from Citigroup Inc. in 2014, has since struggled through scandals that culminated in a Federal Reserve decision on Friday preventing the lender from growing until it gets its house in order.
It was also four years after Citigroup set its record, in 2005, that the Fed banned major acquisitions in response to numerous compliance failures.
Jamie Dimon should be vigilant. His bank, JPMorgan Chase & Co., took the crown from Wells Fargo in 2016, and surpassed $400 billion in market cap last week.
To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Alan Mirabella
©2018 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
