The major American bank JPMorgan Chase has bought the ailing First Republic Bank and has thus grown even further. How the deal came about and what role JPM boss Jamie Dimon played.
James Politi, Colby Smith, James Fontanella-Khan, Stephen Gandel and Brooke Masters
After weeks of uncertainty and one last long round of talks, the fate of First Republic Bank was finally in the hands of JPMorgan Chase. Jamie Dimon’s major bank has been at the center of First Republic discussions ever since the ailing California firm emerged as the sector’s weak point earlier this year. Now, in the space of two months, JPMorgan has gone from advisor to depositor to buyer of the First Republic.
Source: Stern
