Quick snapshot
BAC Book Value: $222B
WFC Book Value: $137B
BAC Market Cap: $70B
WFC Market Cap: $124B
BAC P/B: 0.31x
WFC P/B: 1.1x
Considering that the two companies are effectively oligopolists in the same market, the divergence is pretty striking. Obviously the market thinks BAC is going to lose a lot of money and a lot of market share over time.
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