JPMorgan, Reportedly Seeks to Acquire First Republic Bank
Insider | | Apr 29, 2023
JPMorgan Chase and PNC Financial Services Group are in the running to buy First Republic as the troubled lender stares down impending receivership, The Wall Street Journal reported.
- JPMorgan CEO Jamie Dimon is reportedly preparing to acquire First Republic Bank, which is facing receivership. The Federal Deposit Insurance Corporation (FDIC) has set a Sunday deadline for JPMorgan and PNC Financial Services Group to submit final bids for the troubled bank. Despite previously avoiding involvement in the rescue of Silicon Valley Bank, Dimon collaborated with the Federal Reserve to provide financial support to First Republic.
- The bank’s shares have plummeted, and efforts to save itself, including exploring options with investment bankers and implementing cost-cutting measures, have proved insufficient. First Republic is worth 97% less than it did before Silicon Valley Bank collapsed last month.
- The Federal Deposit Insurance Corporation (FDIC) is preparing to put First Republic in receivership, outlets including The Journal and Reuters reported Friday.
- Bloomberg reported that JPMorgan and PNC had been given a Sunday deadline by the FDIC to submit final bids for the ailing bank.
See: How Government Could Take Control of the Banking System
Jamie Dimon, CEO, JPMorgan:
“It is extremely important that we avoid knee-jerk, whack-a-mole or politically motivated responses that often result in achieving the opposite of what people intended,” Dimon said in a letter to shareholders in early April.
Related Posts
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://ncfacanada.org/jpmorgan-reportedly-seeks-to-acquire-first-republic-bank/
- :has
- :is
- 1
- 100
- 24
- a
- achieving
- acquire
- Alerts
- alternative
- and
- apr
- April
- ARE
- AS
- avoid
- avoiding
- Bank
- bankers
- Banking
- banking system
- been
- before
- Bloomberg
- buy
- by
- Category
- ceo
- chase
- collaborated
- collapsed
- compliance
- control
- CORPORATION
- could
- deposit
- DEPOSIT INSURANCE
- Despite
- DID
- Dimon
- down
- Early
- efforts
- entry
- Ether (ETH)
- Exploring
- extremely
- facing
- fdic
- Federal
- Federal Deposit Insurance Corporation
- federal reserve
- final
- financial
- financial services
- First
- For
- fraud
- Friday
- given
- Government
- Group
- hacks
- had
- Have
- How
- HTTPS
- impending
- implementing
- important
- in
- Including
- Insider
- insurance
- investment
- Investment Bankers
- involvement
- IT
- itself
- Jamie
- Jamie Dimon
- journal
- jpg
- JPMorgan
- Last
- lender
- letter
- LINK
- max-width
- measures
- Month
- motivated
- of
- often
- opposite
- Options
- or
- Outlets
- People
- plato
- Plato Data Intelligence
- PlatoData
- PNC
- politically
- preparing
- previously
- proved
- provide
- put
- Reported
- Republic
- rescue
- Reserve
- result
- Reuters
- running
- s
- Save
- security
- Seeks
- Services
- set
- Share
- Shares
- Silicon
- Silicon Valley
- silicon valley bank
- street
- submit
- support
- system
- TAG
- Take
- than
- that
- The
- The Wall Street Journal
- Title
- to
- Unsplash
- Valley
- Wall
- Wall Street
- Wall Street Journal
- we
- whack-a-mole
- What
- which
- with
- worth
- WSJ
- zephyrnet
More from NC facan Ada
PwC Partner and Fintech Lead Interview: “Fintech is Becoming Crypto’ | National Crowdfunding & Fintech Association of Canada
Source Node: 2101128
Time Stamp: May 19, 2023
SEC Charges ‘Stoner Cats’ For Selling $8M of Unregistered Crypto Securities
Source Node: 2272427
Time Stamp: Sep 15, 2023
Luge Capital Secures $71M in Second Fund’s First Close
Source Node: 2293416
Time Stamp: Sep 26, 2023
Mark Carney’s Climate Alliance Provides Billions for New Fossil Fuel Projects
Source Node: 1910506
Time Stamp: Jan 19, 2023
Freelancing Finances 101: Budgeting and Tax Tips for Student Gig Workers
Source Node: 2417171
Time Stamp: Dec 26, 2023