JP Morgan Chase becomes world’s most valuable bank
US-based Wells Fargo lost its status as the world’s most valuable bank to JPMorgan Chase after its shares slumped 3.3% on Tuesday. The firm’s market valuation reduced to $236.9 billion, against JPMorgan's $240.3 billion. Notably, $9 billion has been wiped off Wells Fargo's valuation since regulators revealed that the bank signed up 2 million customers for accounts without their knowledge.