<h2 id="quick-take">Quick Take</h2>
<ul>
<li>According to the <a href="https://twitter.com/KobeissiLetter/status/1652979462345048065?s=20">Kobessi letter</a>, JP Morgan said its acquisition of First Republic would generate a one-time gain of $2.6 billion.</li>
<li>Not only that, JP Morgan also expects over $500 million in profit per year from the acquisition.</li>
<li>First Republic Bank is the second largest bank to have failed in the U.S. It is now behind Washington Mutual.</li>
<li>The <a href="https://twitter.com/lisaabramowicz1/status/1652958122552557569?s=20">FDIC</a> estimated that the cost to the deposit insurance fund would be about $13 billion.</li>
<li>However, JP Morgan should be ineligible to acquire FRB under U.S. regulation as they have already amassed more than 10% of its nationwide deposits. Authorities have made an exemption.</li>
</ul>
<figure id="attachment_321674" aria-describedby="caption-attachment-321674" style="width: 1296px" class="wp-caption aligncenter"><img class="wp-image-321674 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/05/fr.png" alt="Biggest Bank failures: (Source: Bloomberg)" width="1296" height="770" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/fr.png 1296w, https://cryptoslate.com/wp-content/uploads/2023/05/fr-300x178.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/fr-1024x608.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/fr-768x456.png 768w" sizes="(max-width: 1296px) 100vw, 1296px" /><figcaption id="caption-attachment-321674" class="wp-caption-text">Biggest Bank failures: (Source: Bloomberg)</figcaption></figure>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/insights/jp-morgan-and-first-republic-bank-deal-a-step-towards-financial-monopoly/">JP Morgan and First Republic Bank deal: a step towards financial monopoly?</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

JP Morgan and First Republic Bank deal: a step towards financial monopoly?

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