America’s largest bank once again assumed the mantle of industry savior in May, stepping in to pay the FDIC $10.6 billion for the remains of First Republic, the largest bank failure in U.S. history after that of Washington Mutual—which JPMorgan bought at the height of the 2008 financial crisis. The new deal should sustain many First Republic branches and employees, though concerns remain about the long-term health of midsize banks, excess bank consolidation, and the reliance of the economy on one firm’s self-described “fortress balance sheet.” “This part of the crisis is over,” JPMorgan CEO Jamie Dimon assured investors. “For now, everyone should just take a deep breath.”
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