JPMorgan alternatives: Wells Fargo, Bank of America, and Citigroup compared on value

Investors comparing JPMorgan Chase to its peers Wells Fargo, Bank of America, and Citigroup can find the most compelling alternative in Wells Fargo. With a trailing price-to-earnings ratio of 12.4x, Wells Fargo offers a more attractive valuation than JPMorgan's 14.9x. Moreover, Wells Fargo has a 22.1% fair value upside, making it an appealing option for those focused on valuation.

However, Wells Fargo's lower profitability compared to JPMorgan means that its premium valuation may not be entirely irrational. As of June 30, 2026, Wells Fargo's fair value upside is estimated at 22.1%, while JPMorgan's is projected at 18.4%.

Wells Fargo's revenue has declined from $83.32 billion in 2021 to $80.04 billion in 2025, while JPMorgan's revenue increased from $130.90 billion to $168.24 billion over the same period. This suggests that Wells Fargo faces weaker growth prospects compared to JPMorgan. Despite this, Wells Fargo still boasts a strong return on equity (ROE) of 18.4%, indicating that investors are willing to pay a premium for its capital efficiency.

Additionally, Wells Fargo offers a higher dividend yield and solid analyst upside, making it an attractive alternative to JPMorgan for valuation-conscious investors.

Bank of America, on the other hand, presents a better growth alternative compared to Wells Fargo, with an analyst estimate of 28.0% EPS growth as of June 30, 2026, compared to Wells Fargo's 18.0%. However, Bank of America's deeper balance sheet valuation comes with a lower ROE of 8.5%, which helps explain the reduced discount. Citigroup offers the deepest balance sheet valuation among the three banks, but its 8.5% ROE makes the discount easier to understand.