JPMorgan Chase Financial institution on Monday acquired the deposits and “substantial majority of belongings” of the struggling First Republic Financial institution, which regulators seized within the second-biggest U.S. financial institution failure ever.
“Our authorities invited us and others to step up, and we did,” JPMorgan Chase Chairman and CEO Jamie Dimon stated in an announcement. “Our monetary power, capabilities and enterprise mannequin allowed us to develop a bid to execute the transaction in a approach to decrease prices to the Deposit Insurance coverage Fund.
“This acquisition modestly advantages our firm general, it’s accretive to shareholders, it helps additional advance our wealth technique, and it’s complementary to our present franchise.”
With Information Wire Providers