JPMorgan’s prominent role in the First Republic saga drew fire from lawmakers such as Sen. Elizabeth Warren (D-Mass.) “The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse. Federal regulators approached JPMorgan about bidding on First Republic’s assets, said Jeremy Barnum, JPMorgan’s chief financial officer. First Republic’s collapse, like the failure of SVB and Signature Bank of New York, is likely to raise questions about the performance of federal regulators. Among the attractions for JPMorgan in acquiring First Republic is the failed bank’s wealth management business, with $289.5 billion in assets.
