Bank of America Is No. 1 by Market Size

Bank of America Corp.'s market value edged ahead of Citigroup Inc.'s yesterday, giving the Charlotte-based company bragging rights as the world's largest bank by market size.

Bank of America's shares closed at $54.27, up 35 cents, or 0.6%, while Citigroup's stock fell 33 cents, or 0.7%, to $49.56. That left Bank of America with a market capitalization of about $243.7 billion, ahead of Citigroup's $243.5 billion.

For months, Bank of America has been chipping away at Citigroup's no. 1 title. The New York bank established itself as a global colossus following the 1998 merger between Travelers Group Inc. and Citicorp.