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Fast Take
In keeping with 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 yr 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 fee to the deposit insurance coverage fund can be about $13 billion.
Nevertheless, JP Morgan needs to be ineligible to amass FRB below U.S. regulation as they’ve already amassed greater than 10% of its nationwide deposits. Authorities have made an exemption.
The put up JP Morgan and First Republic Financial institution deal: a step in the direction of monetary monopoly? appeared first on CryptoSlate.
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