What does JPMorgan Chase buying First Republic mean for the rest of the U.S. banking system? Nightly reports 👇
JPMorgan Chase CEO Jamie Dimon at a Senate Banking, Housing and Urban Affairs Committee hearing. | Drew Angerer/Getty Images— Readers will be forgiven if it felt like 2008 all over again today, as giant mega-bank JPMorgan Chase and its charismatic but controversial CEO Jamie Dimonup much of the assets of failing California lender First Republic and bring an end to the latest crisis in the banking system.
“The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse,” “These actions are going to make sure the banking system is safe and sound, and that includes protecting small businesses across the country,” Biden said of the deal, which followed the federal rescues and full deposit guarantees in March for Silicon Valley and Signature banks. “Depositors are being protected, shareholders are losing their investments and, critically, taxpayers are not the ones who are on the hook.
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