When we think of big banks, we tend to think of Bank of America (NYSE: BAC) first, given its consumer heft. But if we go by market capitalization, a new order may be emerging. Bizjournals reports that for at least a day anyway, Wells Fargo (NYSE: WFC), whose stock has been holding up, has risen to the top with a market capitalization of $157 billion. That allowed it to nudge past JPMorgan (NYSE: JPM), whose market cap was at $156 billion.

Obviously, the pecking order will change based on stock price fluctuations. But for now, Wells Fargo and JPMorgan have moved ahead of Citigroup and Bank of America, who previously were the biggest banks based on market capitalization.

Does this signify anything? Wells Fargo and JPMorgan adroitly maneuvered during the financial crisis, buying up some cheap assets, like Wachovia and Bear Stearns, respectively. They have been able to integrate these purchases much better than Bank of America has been able to integrate Countrywide.

As for Citigroup, its woes in the crisis were obviously deeper than either JPMorgan's or Wells Fargo's, and its reliance on public bailout funds was more profound.

It remains to be seen whether this pecking order stays for very long. But it's fair to say the financial crisis was a turning point for several of the top banks.  

For more:
- here's the bizjournals article

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