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

quick take

• according to Kobeshi’s letterJP Morgan said its acquisition of First Republic would result in a one-time gain of $2.6 billion.
• Not only that, but JP Morgan expects to earn more than $500 million annually from the acquisition.
• First Republic Bank is the second largest failed bank in the United States and is currently behind Washington Mutual.
• of FDIC estimates the cost of the deposit insurance fund to be about $13 billion.
• However, JP Morgan should not be eligible for the Fed under US regulation. Because they have already amassed more than 10% of his national deposits. Authorities have granted exemptions.

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