Wells Fargo the Biggest Bank
Financial Times via Drudge report
Ben McLannahan
June 6
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.
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