Fast Take
- In response to the Kobessi letter, JP Morgan mentioned its acquisition of First Republic would generate a one-time acquire of $2.6 billion.
- Not solely that, JP Morgan additionally expects over $500 million in revenue per 12 months from the acquisition.
- First Republic Financial institution is the second largest financial institution to have failed within the U.S. It’s now behind Washington Mutual.
- The FDIC estimated that the price to the deposit insurance coverage fund could be about $13 billion.
- Nonetheless, JP Morgan must be ineligible to amass FRB beneath U.S. regulation as they’ve already amassed greater than 10% of its nationwide deposits. Authorities have made an exemption.
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