JPMorgan leapfrogs Wells Fargo in market capitalization

JPMorgan Chase & Co. yesterday became the largest U.S. bank by market value, surpassing scandal-ridden Wells Fargo.

JPMorgan's capitalization came to $238.4 billion by mid-day yesterday. Comparatively, Wells Fargo fell to $237.8 billion.

The movement marks the first time JPMorgan has outpaced Wells Fargo since March 2013.

Wells Fargo's stock has fallen in recent days after being hit with a $185 million fine for illegal sales practices.

Read more from Dow Jones Newswires.