Jamie Dimon says 'this part of the crisis is over' after JPMorgan Chase buys First Republic
Publishing timestamp: 2023-05-01 10:10:03
Summary
JPMorgan Chase CEO Jamie Dimon says that the crisis that led to the downfall of three regional US banks is largely over after the resolution of First Republic. JPMorgan emerged as the winner of the weekend auction for First Republic after regulators decided that time had run out on a private sector solution. The sudden collapse of Silicon Valley Bank and Signature Bank in March led investors to scrutinize other lenders with similar characteristics. However, the $30 billion injection of deposits into First Republic last month bought time for the industry, allowing mid-sized banks to report first-quarter results that showed stabilization of deposits. Down the road, investors are still exposed to risks created by Federal Reserve's interest rate hikes and their impact on assets including real estate.
Sentiment: NEUTRAL
Keywords: breaking news: markets, investment strategy, jpmorgan chase & co, business news, breaking news: investing, breakingnewsglobal, pacwest bancorp, first republic bank, banks, citizens financial group inc,
Source: https://www.cnbc.com/2023/05/01/jamie-dimon-jpmorgan-first-republic.html