Wells Fargo the Biggest Bank
Financial Times via Drudge report
The quiet rise of Wells Fargo has been remarkable. In the years since the global financial crisis the San Francisco-based bank has emerged as the world’s most valuable by market capitalisation, pulling clear of US lenders and Chinese banks hit by falls in their domestic stock markets. It has done so largely by sticking to the bread-and-butter business of retail banking in America, while avoiding the trading mishaps and legal settlements of its peers.Only two US companies have produced at least $5bn of net income in each of the past 14 quarters. One is Apple, the other Wells. “It is a machine, there’s no doubt about it,” says Mr Turchioe.