JPMorgan Close To Overtaking Bank Of America As Biggest U.S. Bank

NEW YORK (David Henry) – JPMorgan Chase & Co is close to vaulting past Bank of America Corp to become the biggest bank in the United States, but it will likely get there in an odd way — by shrinking less than its rival.

Both JPMorgan Chase and Bank of America are getting smaller as they shake off the excesses of the years leading up to the financial crisis.

If JPMorgan becomes the biggest, chief executive Jamie Dimon could see the validation of his cautious management before and during the crisis. Bank of America’s drop to second would illustrate how former Chief Executive Ken Lewis saddled the bank with bad acquisitions that are hampering current CEO Brian Moynihan.

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