JPMorgan Chase shares rose 3% in early premarket trade after winning the auction to buy First Republic Bank. JPMorgan said it expects the deal to be modestly...
JPMorgan Chase JPM shares rose 3% in early premarket trade after winning the auction to buy First Republic Bank. JPMorgan said it expects the deal to be modestly earnings per share accretive, generating more than $500 million of incremental net income per year, excluding a $2.6 billion one-time gain and estimated $2 billion of restructuring costs. First Republic shares FRC fell 36% to $2.24, even though neither the FDIC nor JPMorgan release indicates shareholders will get any consideration.
JPMorgan Chase JPM shares rose 3% in early premarket trade after winning the auction to buy First Republic Bank. JPMorgan said it expects the deal to be modestly earnings per share accretive, generating more than $500 million of incremental net income per year, excluding a $2.6 billion one-time gain and estimated $2 billion of restructuring costs. First Republic shares FRC fell 36% to $2.24, even though neither the FDIC nor JPMorgan release indicates shareholders will get any consideration.
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