The CEO of JPMorgan, one of the largest banks in the United States, announced that the banking crisis that shook the sector in the past months had ended, after its acquisition of First Republic Bank.
Jamie Dimon said, in a conference with analysts, that the acquisition deal solves the problem of the troubled bank, enhances the strength of (JP Morgan) and improves market confidence in the banking sector.
He added that this deal represents an opportunity for JPMorgan to increase its share in the retail and corporate banking services market, and that it is expected to contribute to raising the bank’s profits in the future.
The Federal Deposit Insurance Corporation placed the First Republic bank under receivership after it saw a sharp drop in customer deposits and a rise in defaults on its loans.
2023-05-05 11:26:50
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