Even the strongest swimmers have a tough time pulling against the tide. That is especially true in banking, as Wells Fargo’s second-quarter earnings show.

Wells is highly regarded by investors among big US banks. This is due to confidence in its management, its crisis track record, its US-focused business and the fact that, while huge, it is seen as the least too-big of the too-big-to-fail banks, thanks to a small derivatives book. For all that, Wells has been rewarded with the highest valuation of the big six US banks.