Wells Fargo becomes world’s biggest bank

Wells Fargo became the world’s largest financial institution today, surpassing the Industrial & Commercial Bank of China, reports the Wall Street Journal. The shift occurred due to the economic slowdown in China, the WSJ reports, as well as increased optimism about the U.S. economy. San Francisco-based Wells Fargo & Co. is worth $236 billion, according […]

By Staff | July 24, 2013 | Last updated on July 24, 2013

1 min read

Wells Fargo became the world’s largest financial institution today, surpassing the Industrial & Commercial Bank of China, reports the Wall Street Journal.

The shift occurred due to the economic slowdown in China, the WSJ reports, as well as increased optimism about the U.S. economy.

San Francisco-based Wells Fargo & Co. is worth $236 billion, according to the New York Stock Exchange, where it is listed, while Chinese figures show ICBC is now valued at $223 billion, adds Agence France Presse.

Read the full story here.

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