JPMorgan Chase CEO Jamie Dimon Says Purchase of First Republic ‘Pretty Much’ Resolves US Banking Crisis: Report
JPMorgan Chase chief executive Jamie Dimon thinks the US banking crisis is “pretty much” resolved after his company acquired the majority of collapsed First Republic Bank.
Dimon told analysts in a call after JPMorgan’s acquisition that “there are only so many banks that were offsides this way,” CNBC reports.
Says Dimon,
“There may be another smaller one, but this pretty much resolves them all. This part of the crisis is over.”
First Republic’s stock cratered by 50% in a matter of hours last week amid news that customers removed $100 billion worth of deposits from the bank in March. The New York Stock Exchange (NYSE) halted the bank’s shares from trading five times last Wednesday due to extreme volatility.
The California Department of Financial Protection and Innovation (DFPI) closed First Republic on Monday and the Federal Deposit Insurance Corporation (FDIC) briefly took control of the financial institution before promptly selling it off to JPMorgan Chase.
In a press release, JPM says it has acquired approximately $173 billion worth of loans, $30 billion worth of securities, and $92 billion worth of deposits, both insured and uninsured.
Regarding the acquisition Dimon says,
“Our government invited us and others to step up, and we did… This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”
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Author: Conor Devitt
