First Republic’s Demise Fails to Mark the All-Clear on Banks
- Some lingering concerns remain about other weak lenders
- Dimon says ‘everyone should just take a deep breath’
So, is it finally over now?
The turmoil that ripped through the banking industry for weeks seemed quelled, at least temporarily, by the pre-dawn announcement that JPMorgan Chase & Co., the biggest and arguably strongest US lender, is taking over First Republic Bank. If you ask JPMorgan Chief Executive Officer Jamie Dimon, the crisis is pretty much over.