Jamie Dimon, the CEO of the country’s largest bank, asserted last month it was “absurd” to suggest titans like JPMorgan would benefit from the collapse of several regional banks.
First Republic joins Silicon Valley Bank and Signature Bank in failure, while JPMorgan joins the institution’s respective buyers New York Community Bank and First Citizens Bank in enjoying massive stock gains following their acquisitions of most of the holdings from their failed counterparts; shares of New York Community Bank and First Citizens are up more than 60% since announcing their deals in March.
Despite JPMorgan’s roughly $15 billion surge in market capitalization, other large bank stocks were little changed and major stock indexes were flat, though First Republic’s stock sank another 34%, with its market value down over the last two months from $23 billion to less than $500 million.
announcing the acquisition. But in an April letter to investors, Dimon asserted the “notion that this meltdown was good for [larger banks]Shares of JPMorgan are now trading at a higher price than they did March 6, the last trading session before the banking crisis escalated, wiping out what was once a nearly 15% loss. JPMorgan’s largest competitors have yet to fully recover from their
, as shares of Bank of America, Wells Fargo and Morgan Stanley are each down 10% or more over the last eight weeks.California-based Silicon Valley Bank failed March 10, while New York-based Signature Bank failed two days later, two of the three largest American bank failures ever. Federal regulators subsequently stepped in to guarantee all depositors at the two institutions.
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