Jamie Dimon, the CEO of the country’s largest bank, asserted last month it was “absurd” to suggest titans like JPMorgan would benefit from the collapse of several regional banks.
Topline
The U.S.’ largest bank grew even bigger Monday after JPMorgan Chase acquired most holdings of the failed regional bank First Republic, sending JPMorgan’s stock soaring—though the company’s billionaire CEO claimed just last month the bank would not benefit from the turmoil among its smaller peers.Key Facts
Shares of JPMorgan rose about 4% in early Monday trading, on pace for its second-largest daily jump since October 2022.
Already the largest American bank by total assets and deposits, JPMorgan will assume a majority of First Republic’s $229 billion in assets and $104 billion in deposits, the Federal Deposit Insurance Corporation announced, and First Republic’s 84 branches will reopen Monday as JPMorgan branches.
First Republic joins Silicon Valley Bank and Signature Bank in failure, while JPMorgan joins the institution’s respective buyers New York Community Bank and First Citizens Bank in enjoying massive stock gains following their acquisitions of most of the holdings from their failed counterparts; shares of New York Community Bank and First Citizens are up more than 60% since announcing their deals in March.
