Dreams die hard — and that goes for the dream that Bank of America might one day supplant JPMorgan Chase as America’s premier banking institution.

It wasn’t that long ago that Bank of America seemed poised to catch, if not surpass, its more illustrious rival. Following the financial crisis, chief executive Brian Moynihan doubled down on the company’s strengths, using its large deposit base to build a steady, seemingly boring institution. And it seemed to be working. Following the outbreak of Covid-19, BofA stock returned 116% for the two years ending 1 April, 2022, surpassing JPMorgan’s 70% gain. It even traded at a premium valuation, fetching 12 times 12-month forward earnings to JPMorgan’s 11.8 times.