Wells Fargo cedes title as world's most valuable bank to JPMorgan

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 per cent to close at $US46.96 Tuesday in New York. That reduced the firm's market value to $US236.9 billion, compared with $US240.3 billion for New York-based JPMorgan.

Bloomberg