Don’t look now, but megacap financial companies are creeping back onto the list of the biggest U.S. companies.
With $253bn in market capitalization, JPMorgan just surpassed Procter & Gamble and Wal-Mart Stores to join the top 10 ranking after a five-year hiatus. With Berkshire Hathaway fourth and Wells Fargo sixth, financial stocks now hold three spots, the most since 2006, data compiled by Bloomberg show.
The ascent highlights Wall Street’s recovery from a crisis that crippled the economy and ejected virtually every lending institution from the ranking six years ago. While the group’s weighting in the Standard & Poor’s 500 Index is still far from the glory days, megabanks are back, driven by earnings growing five times faster than the market.
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