Jamie Dimon’s remarks follow $10.6bn takeover brokered by US regulators to buy most of failed First Republic
, has played down the risk of a spiralling banking crisis after America’s biggest bank stepped in to buy most of collapsed lender First Republic in a $10.6bn takeover hurriedly brokered by US regulators.to secure a sale of First Republic, the third US lender to fail this year, the Federal Deposit Insurance Corporation confirmed JP Morgan as the buyer.
Speaking on a conference call, Dimon played down any other similarities with the 2008 crash, which triggered the start of an international financial crisis that plunged the global economy into recession. Dimon said conditions were “nothing like 2008 and 2009 for a lot of different reasons”. However, he conceded that if the US economy went into recession and high interest rates persisted, that could lead to “other cracks in the system”.
First Republic, which focused on high-net-worth clients, got into financial difficulty after customers began pulling deposits from any US lender perceived as weak, after the SVB collapse.
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