Finance
It Was a Tough Year for Almost Every Bank Not Named JPMorgan
- Biggest US bank ends 2023 even further ahead of the pack
- ‘There’s a certain level of frustration from other banks’
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More than a decade after regulators vowed to tame the risks of too-big-to-fail banks, White House officials were on a call. Why, one attendee asked, was JPMorgan Chase & Co. allowed to buy First Republic Bank that morning in a government-led auction?
The answer came, flatly, from Treasury Secretary Janet Yellen: They had the highest bid.