As JPMorgan Chase & Co CEO Jamie Dimon prepares to take the stage for the bank's investor day on Monday, he can expect plenty of questions about its purchase of failed First Republic Bank.
JPMorgan has agreed to undertake $173 billion of the failed bank's loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered by authorities earlier this month.loading
"JPM views FRC as more complementary to its mass affluent approach than its ultra high net worth offering," Jason Goldberg, Brian Morton and Matthew Kesselhaut analysts at Barclays said in a note. They expect First Republic to be additive to JPMorgan's consumer and community banking business. Dimon, 67, has been at the helm for more than 17 years. That is longer than Gorman, who at 64 years has been the CEO for 13 years.
He and other financial CEOs met Janet Yellen in Washington this week to discuss the health of the banking system and the debt ceiling, a source said.The country's largest lender emerged as one of the biggest beneficiaries of turmoil in the banking industry after the collapse of two lenders in March, reporting first quarter profitsThe investor day should underscore the notion that “Goliath is Winning,” Wells Fargo analyst Mike Mayo said in a note.
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