JPMorgan Chase declares end to crisis with First Republic acquisition.
TL;DR Summary
JPMorgan Chase CEO Jamie Dimon says "this part of the crisis is over" with the acquisition of First Republic Bank, which will help stabilize the banking system by acquiring FRC's deposits, loans, and most of its securities. JPM estimates net income accretion of over $500M may be conservative as there are still open questions about deposit retention. Dimon also emphasized the need to take a deep breath before making changes to regulations.
Topics:business#banking-system#deposit-withdrawals#finance#first-republic-bank#jpmorgan-chase#regulations
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