Representative image (AP)
JPMorgan Chase keeps putting more distance between itself and key rivals. The first half saw the bank’s market value (nearly $800 billion) surpass that of its three largest competitors – BofA, Citigroup and Wells Fargo – combined.It racked up $30 billion of profit in that period, more than double its closest rival, and widened its lead over Goldman Sachs and Morgan Stanley in investment-banking revenue. JPMorgan, the biggest US bank by $1 trillion in assets, has turned what was once a competitive top of the industry into a one-firm category.
