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Banking’s Regular Rescuer
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Photo via LinkedIn
With this week's takeover of First Republic, the New York Times took a look at how JPMorgan Chase, led by CEO Jamie Dimon (MBA 1982), has leveraged its role as the go-to bank when other banks fail.
First Republic is now the third failing financial institution that Dimon has agreed to buy in a federally backed transaction, following JPMorgan's takeovers of Bear Stearns and Washington Mutual during the 2008 financial crisis. All three deals have helped defuse panics, while also benefitting JPMorgan. JPMorgan's agreement to buy First Republic is expected to boost the bank's profits by $500 million this year and will give it access to many wealthy clients.
While some observers raise concerns about the ever-growing reach of JPMorgan, others see the bank and its CEO serving the public good. Investor Warren Buffett told the Times, "Jamie is doing the right thing for the country and the right thing for JPMorgan Chase—exactly what I would have expected him to do."
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