Jamie Dimon is vying to take control of First Republic Bank, report says, after JPMorgan steered clear of SVB
Business InsiderJUL 2023
The Spin
Narrative A
This situation is another example of the consolidation of wealth in the US, and only the largest banks can play the game. Instead of regulators and executives looking for band-aid solutions to serious problems, they should be enhancing and executing regulations to avoid these crises. This deal is a disservice to the country.
Narrative B
JPMorgan has saved the day again. With panic causing a major dip in the stock market, the bank was able to buy First Republic and help avert another SVB-like crisis. Anyone with an interest in the economy should be thankful JPMorgan cleaned up this mess.
