JPMorgan emerged as the winner of an auction for First Republic Bank. While the deal was expected to calm markets, some analysts and industry executives said it would come at a cost to the long-term health of the US economy
-- should calm markets. But they added that it came at a cost: the biggest banks were getting stronger while it was getting harder for smaller banks to do business.People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023.
"We need large, successful banks in the largest economy in the world," Dimon told reporters on a conference call. "We have capabilities to serve our clients, who can be cities, schools, hospitals, governments. We bank the IMF, the World Bank. And anyone who thinks the United States should not have that can call me directly."
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