On Breakingviews: JPMorgan chief Jamie Dimon channeled his predecessor by corralling fellow bank CEOs to support First Republic. Financiers band together, even with regulators, when the going gets tough, says AnitaRamaswamy
. These people could have restored confidence in the banks that grease their industry’s wheels.
A few things might explain the lack of cohesion. Silicon Valley is fragmented and built on an individualistic ethos. Unlike banks, there’s less common interest, at least in normal times. Amazon.com and Twitter have different activities, risks and concerns, as do the venture capitalists like Andreessen Horowitz who back young startups., so they aren’t used to working together to appease them, or seeking safety in numbers. Before cryptocurrency exchange FTX fell, Sam Bankman-Fried was lobbying Congress to support laws that would benefit his own business, but there’s no single player in tech who has had enough at stake to play the Pierpont Morgan-Dimon role.
JPMorgan Chief Executive Jamie Dimon orchestrated the deal alongside Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell, Reuters reported.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | JPMorgan, Morgan Stanley and Others in Talks to Bolster First Republic BankBreaking: JPMorgan, Morgan Stanley and several other big banks are in talks to aid First Republic Bank. The deal could include a sizable capital infusion to shore up the beleaguered lender.
Read more »
JPMorgan, Morgan Stanley, and others big banks in talks to strengthen First Republic – WSJAccording to the Wall Street Journal, JPMorgan, Morgan Stanley and other banks are “discussing a potential deal with First Republic that could include
Read more »
JPMorgan Chase CEO and Treasury Secretary Janet Yellen sparked $30 bln bank injection into First Republic: ReportsJPMorgan Chase & Co. CEO Jamie Dimon and Treasury Secretary Jamie Dimon hatched the $30 billion, 11-bank plan to inject deposits into First Republic Bank in...
Read more »
Credit Suisse just the 'tip of the iceberg' amid SVB fiasco: JPMorganCredit Suisse is just the 'tip of the iceberg' as banking turmoil snarls financial markets, JPMorgan Asset Management investment chief says
Read more »