Wells Fargo's Road to Fed Rebuke Echoes Citigroup's Earlier Arc

• February 05 2018
• Michael J Moore

Uneasy lies the bank that wears a crown.

Uneasy lies the bank that wears a crown.

Wells Fargo & Co., which took the title of most valuable bank in history from Citigroup Inc. in 2014, has since struggled through scandals that culminated in a Federal Reserve decision on Friday preventing the lender from growing until it gets its house in order.

It was also four years after Citigroup set its record, in 2005, that the Fed banned major acquisitions in response to numerous compliance failures.

Jamie Dimon should be vigilant. His bank, JPMorgan Chase & Co., took the crown from Wells Fargo in 2016, and surpassed $400 billion in market cap last week.