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2 May 2023

Deal maker or opportunist: First Republic Bank

Jamie Dimon CEO JPMorgan Chase has done it again.

US financial authorities have sold California’s First Republic Bank to JPMorgan Chase.

First Republic Bank was valued at US$40 billion in November 2021 which was just before the Ukraine invasion in February 2022 and last Friday had a valuation of US$654 million which has wiped out the shareholders.

In total, a 98.4% discount for First Republic Bank which was holding US$233 billion in assets as at 31st March 2023.

You would think that this is the deal of the century except that Jamie Dimon has done this before when in 2008 JP Morgan Chase purchased Bear Sterns and Washington Mutual for effectively nothing.

Click to read.

During times like this it is most important to remain invested according to your appetite for volatility and continue to look to buy more quality assets when discounted prices present.

If you have family, friends or colleagues that want financial advice please ask them to contact us and we will work out how best to help.


At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.

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