NEW YORK : Few investors and bankers could have imagined regulators would allow the largest U.S. lender to buy another bank and become even bigger. Then, Jamie Dimon beat the odds, clinching a deal to buy First Republic Bank on Monday. Now, the JPMorgan Chase & Co CEO expects more deals will follow in the
NEW YORK : Few investors and bankers could have imagined regulators would allow the largest U.S. lender to buy another bank and become even bigger. Then, Jamie Dimon beat the odds, clinching a deal to buy First Republic Bank on Monday."Banks will consolidate," Dimon told analysts on a conference call on Monday hours after winning a government auction for the San Francisco-based lender, which was seized overnight by regulators.
Dimon is not alone. Several analysts, industry executives and investors said they believe the March banking crisis has set conditions for a long-predicted round of industry consolidation to finally happen. The reasons are many, they said. And as a recession looms and economic activity slumps, rising defaults in the commercial real estate market and shrinking profits may also spur tie-ups.
That compares with a shakeout after the 2008 financial crisis. From 2007 through 2013, the number of independent commercial banks operating in the U.S. shrank by 14 per cent, or 800 institutions, government data showed. The Biden administration has also taken a tough stance on mergers, fearing deals can lead to antitrust issues. Some bank deals have been stuck for months waiting for approvals.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why First Republic Bank failed and what JPMorgan's deal meansThe focus of the US regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. With no let-up in pressure on First Republic, the biggest US bank JPMorgan Chase & Co, said on Monday (May 1) it will
Read more »
JP Morgan to buy First Republic Bank's assets and assume deposit baseJPMorgan Chase & Co will buy most of First Republic Bank's assets in a last-ditch rescue led by United States regulators, marking the third major US institution to fail in two months. The deal, announced early on Monday (May 1) by regulators who said they had seized First Republic, will see the banking
Read more »
Team by team analysis of the Azerbaijan Grand PrixTeam by team analysis of Sunday's Azerbaijan Grand Prix, the fourth round of the 23-race Formula One season (Teams listed in championship order): RED BULL - Sergio Perez 1, Max Verstappen 2 Saturday Sprint winner Perez won from third on the grid, taking the lead when Verstappen pitted on lap 11 j
Read more »
First condominium launch after new cooling measures sees 70% salesSINGAPORE — More than 70 per cent of Blossoms By The Park condominium units were sold on Saturday (April 29), the first launch after new cooling measures came into effect earlier this week.
Read more »
The impossibility of being a first-time car ownerWell ladies and gentleman, we have done it. Cat A COE has crossed the $100,000 mark, and it looks entirely likely that it will continue to trend upwards. There's plenty to complain and moan about, but there is one particular group that I do want to address and send my hearty commiserations — first time car buyers. Car ownership in...
Read more »
First condominium launch after new cooling measures sees 70% of units sold in a daySINGAPORE — More than 70 per cent of Blossoms By The Park condominium units were sold on Saturday (April 29), the first launch after new cooling measures came into effect earlier this week.
Read more »