NEW YORK—JPMorgan Chase & Co.’s net interest income would rise by $3 billion this year due to its purchase of failed First Republic Bank, according to a presentation published ahead of its investor day on Monday. The largest U.S. lender agreed to take into its books $173 billion of the failed bank’s loans, $30 billion…

Former First Republic CEO, Michael Roffler, testified before House lawmakers on Wednesday, revealing that his bank fell victim to the widespread panic that ensued following the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond their control, he said. “No one…

Former First Republic CEO Michael Roffler told House lawmakers on May 16 that the California bank fell victim to the widespread panic caused by the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond First Republic’s control, he said. “No one…

In a recent analysis, professors Anat Admati, Martin Hellwig, and Richard Portes present a scathing critique of the U.S. banking sector’s systemic issues, brought into focus by the 2023 banking crisis. Their analysis, in particular, centers around the failure of Silicon Valley Bank (SVB) and First Republic Bank, highlighting the systemic issues afflicting U.S. banks….

Commentary In the most recent failure in the banking sector, earlier this week First Republic Bank collapsed, was placed into Federal Deposit Insurance Corp. (FDIC) receivership, and had most of its assets sold to JPMorgan Chase. With some $232 billion of assets, this marked the second-largest U.S. bank failure ever, only surpassed by Washington Mutual…

On May 1, First Republic Bank became the second-largest bank failure in U.S. history. Its failure is second to Washington Mutual (2008) and just ahead of Silicon Valley Bank recently. The result was another disruption in the banking industry. Trouble was on the rise in February 2023 when First Republic’s shares had a 98 percent…

Commentary The weekend brought us the news that JPMorgan bought the failing First Republic bank, with numbers that are truly mind-boggling and further shore up JPMorgan’s megabank status. For many readers, this came across as fancy high finance and nothing much to concern us, especially since the numbers are essentially incomprehensible to the regular person….

JPMorgan Chase will acquire most of First Republic Bank’s assets for $10.6 billion after U.S. regulators seized control of the embattled institution and facilitated its sale over the weekend. President Joe Biden and JPMorgan Chase CEO Jamie Dimon reiterated that the worst of the crisis is over. “These actions are going to make sure that…

The U.S. banking system is “safe and sound” after federal regulators facilitated the sale of the distressed First Republic Bank, President Joe Biden confirmed. First Republic became the second-largest bank failure in U.S. history and the third midsize institution to collapse in less than two months. Speaking from the White House on May 1 to…

It’s the second largest bank failure in U.S. history. First Republic becomes the third U.S. Bank to fold since March. Find out who bought the troubled lender after it was seized over the weekend. A Texas killer is on the loose.  Over 200 officers are taking part in the manhunt. Take a look at the…