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JPMorgan Chase Chief Executive Jamie Dimon is leading talks with fellow banking executives to stabilize San Francisco-based First Republic Bank. He is reportedly leading banks in a new campaign to shore up First Republic after last week he helped lead a $30 billion placement in deposits with First Republic from 11 banks.
The consortium of banks reportedly pledged to keep the money in First Republic Bank for at least three months, giving the bank more runway to find a solution.
With exposure to wealthy clients in Silicon Valley, First Republic Bank has been pressured by depositor outflows since the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank of New York in the U.S., and the hastily agreed deal for UBS to buy its fellow Swiss bank Credit Suisse for $3.2 billion. Jamie Dimon and his fellow banking CEOs, are now considering investing directly into First Republic Bank.
“Jamie Dimon has a lengthy track record of stepping in to stave off US financial crises. In 2008, JPMorgan bought failed investment bank, Bear Stearns, then took on Washington Mutual – And it didn’t work out so well,” said Prof. Dr. Amarendra Bhushan Dhiraj, investment strategy analyst, macro-economist, and CEO at the CEOWORLD magazine, describing the uncertainty.
JPMorgan bought the failed investment bank Bear Stearns in March 2008 for $1.4 billion. The Wall Street Bank later bought the banking subsidiaries of Washington Mutual later that year for $1.9 billion.
Still, buying the 2 banks put JPMorgan on the hook for all of their problems, and Jamie Dimon publicly grumbled that U.S. regulators were suing his bank for misdeeds at Bear Stearns before the acquisition.
Eventually, JPMorgan had to pay a total of $19 billion to settle disputes with regulators stemming from its purchases of Bear Stearns and Washington Mutual.
“No, we would not do something like Bear Stearns again,” Jamie Dimon wrote in a 2015 letter to shareholders. “I don’t think our board would let me take the call.”
JPMorgan Chase CEO Jamie Dimon has been ranked No. 35 in a list of the world’s best CEOs for 2023; meanwhile, JPMorgan Chase also ranked No. 35 in the CEOWORLD magazine’s ranking of the world’s most influential and innovative companies.
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