Jamie Dimon says JPMorgan rescued First Republic because the government asked his bank 'to step up, and we did'
Jamie Dimon said JPMorgan's acquisition of First Republic came after the US government asked the bank to"step up" in a deal that will"modestly" benefit America's biggest bank.The bank's stock price jumped as much as 4.2% in pre-market trading following the, with JPMorgan saying it would pick up $92 billion in customer deposits.
"Our government invited us and others to step up, and we did," JPMorgan CEO Dimon said in a press release. "Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund. "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."
in early March as investors cast doubt on its loan book, wiping out most of the bank's stock market value.
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FDIC asks JPMorgan, PNC for final First Republic bids: BloombergThe U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported.
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First Republic’s crisis is not an isolated incident - suggests JPMorgan execIn an April 27 Bloomberg Interview, JP Morgan Asset Management CIO, Bob Michele said that the crisis currently faced by First Republic Bank, isn’t “limited” to the bank itself, but a wider banking problem. He noted “some sort of resolution' is vital.
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