Market Insider

JPMorgan tops Wells Fargo as biggest US bank by market cap

A Wells Fargo bank branch in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images

JPMorgan Chase has surpassed Wells Fargo as the biggest U.S. bank by market capitalization. Wells Fargo had been the largest by market cap since 2013, based on closing values.

Shares of Wells Fargo fell more 3 percent on Tuesday, while JPMorgan Chase closed 0.79 percent lower. That gave JPMorgan Chase a market cap of nearly $240.3 billion versus almost $236.9 billion for Wells Fargo.

Wells Fargo shares have been under pressure in the past few days after the Consumer Financial Protection Bureau (CFPB) and two other regulators fined the bank $185 million. The bank must also pay another $5 million to customers for creating more than 2 million fake accounts for products like credit and debit cards to meet aggressive sales targets.

On Tuesday, the bank said beginning next year it would eliminate all product sales goals in retail banking.

With Tuesday's declines, Wells Fargo saw its worst daily performance since June 24 and its first three-day losing streak since Aug. 3.

—CNBC's Gina Francolla and Reuters contributed to this report.