2 May 2023
Deal maker or opportunist: First Republic Bank
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
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.
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