The crisis faced by First Republic 'should never have happened' says JPMorgan Asset Management CIO.
An executive at JPMorgan Asset Management is unsure how United States regional banks are “going to operate” when the Federal Deposit Insurance Corporation and Federal Home Loan Bank emergency lending programs expire – warning that the possible collapse of First Republic Bank may cause a domino effect.
“Well, I think we have both, I think it’s somewhat naïve to say that this is just limited to First Republic.” Michele believes there needs to be “continuous progress to some sort of resolution” for the impact of First Republic’s downfall to be contained, or “ringfenced,” and prevented from spreading throughout the broader financial system.
He stated that"most people’s" deposit balances are now even lower than before the beginning of the Covid-19 pandemic.
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