After Morgan Chase acquired the First and FIRST Republic earlier this month, the US local bank crisis seemed to be silent.The Biden government currently focuses on solving the upper limit of debt next month before fighting for the upper limit of debt to avoid the financial risks brought by the federal government's breach of contract.However, from Morgan Chase's mysteries behind the acquisition of the second largest closure bank in the history of the acquisition history, we must be sure that the local bank crisis has ended, I'm afraid it's too early;In turn, it has become a difficult issue for the future of the US government.
Looking back at the last moment announced that JP Morgan Chase stood out of the acquisition of the first Communist and peaceful, there may be different evaluations and views in the market and all walks of life, but it was not surprised by this result.JPMorgan Chase has always been known for its stable operating style and rarely invested in high -risk business. The first and fell into it should not derive the crisis; not to mention that during the 2008 global financial tsunami, Morgan Chase also supported by the federal government.Buy the investment bank Bear Stearns and the commercial bank Washington Mutual.
But based on these obvious advantages, it is taken for granted that JP Morgan Chase becomes the acquirer. I am afraid it is the mystery behind this result.
In fact, it is precisely because JP Morgan Chase's prominent position on Wall Street and the acquisition operation records during the financial tsunami period. It has not immediately played the role of the financial savior from the turbulence of the local banking system in March.EssenceThe Financial Times revealed that the US regulatory agencies were considered to take the opportunity to attract small banks from March to early April for antitrust considerations, so that they would evolve into political storms.In the process of being trapped in the first and March, in the process of bankruptcy in early May, Morgan Chase played different roles. First, he acts as a consultant to respond to the dilemma, and then becomes one of the banks injecting deposits to help the other party spend the difficulties.Then the acquisition bank finalized by the federal government.
The antitrust concern of the US regulatory agency is to wait until the Republican lawmakers accused the federal deposit insurance company (FDIC) ignore the potential buyers of Silicon Valley Bank (SVB), questioning whether the prejudice to the larger institutions has caused no occurrenceSome reasons for the private entity solution began to loosen.If such looseness is missing, Morgan Chase is unlikely to be approved by regulatory agencies under normal environment and acquire banks with a scale like the first republic.
JPMorgan Chase can finally get the real reasons for the first time in the process of acquisition and selection with the Bank of America, the United States Hezhong Bank, Citizen Bank, and PNC Financial Services Group?To a large extent, it is due to its chairman and CEO Jamie Dimon.
As the longest chief executive officer in Wall Street, Dimon witnessed and participated in the acquisition of Belsden and Washington Mutual Bank, and made contributions to assisting the US government in eliminating market panic emotions.
Dimon's rare thing is that he had to take over the heavy responsibility of the rescuer of the crisis in a century after taking office in 2006, and he almost miraculously led Morgan Chase into the business.As other Wall Streets, which had the same difficult tasks as he had the same task,, the leaders of the United States and Wells Fargo, did not have a series of scandals in their respective banks in a series of scandals in their respective banks after the crisis.To this day, a private entity leader who can have a huge influence on the US financial system has left only him.
Considering the long -term record of Dimon's high -level banking, he naturally became a person who has always hoped by the federal government to save the industry crisis.The process of Dimon leading Morgan Chase's involvement in the rescue of the first republic is hard to be reminiscent of Jonorhn Pierpont Morgan Senior in JP Morgan Bank. In 1907In his study, they refused to let them go out until they agreed to start with him to start the pioneering work.
But this comparison is not enough to affect the government and investment community's favor and support for Dimon.According to US media reports, the Minister of Finance Yellen called on Dimon to help the first and co -serves, in view of Dimon's rich experience, and JP Morgan Chase is known for his stability under his leadership.
In addition, as early as Obama's second term, until Bayeng entered the White House, Dimon's voices and rumors of the Treasury Minister were one after another.Buffett Buffett praised him even more.In response to the first and acquisition operations, Buffett told the New York Times that Dimon "is doing the right thing for the country and doing the right thing for JP Morgan Chase -this is what he expects him to do."
Unfortunately, Shortly after the release of the first and acquisition operations of Damon, Jeffrey Epstein scandal was held accountable for JP Morgan Chase's suspected of being convicted, and he would be removed from office at the end of this month.Demon's evening festival is not guaranteed, although it does not make the acquisition operation variable, it will affect the perception of this acquisition operation that was originally considered a positive acquisition.More importantly, as Dimon is about to leave, whether Morgan Chase can continue to effectively play the role of the mainstay in the US financial industry, and continue to obtain the Federal government's role in supporting its industry crisis in the Dimon era, I am afraid that it has become a question.
It must be pointed out that during the criticism of the first and acquisitions, Dai Meng said that this operation was enough to solve the "financial crisis of this part", which seemed to imply that Morgan Chase did not spare no effort to participate in the next wave of possible crisis.But the truth may not be the case.After the acquisition of Morgan Chase, the scale expanded to three times before the 2008 financial crisis. It currently has an asset of US $ 3700 billion (about S $ 49 billion), accounting for 14%of all US deposits.However, compared with the earlier rescue of Swiss Credit, BTS is actually not huge.After taking over the Credit Credit, UBS is estimated to reach twice the GDP of Switzerland.
In terms of market share, Morgan Chase is inferior to about 30%of UBS's share of Swiss deposit share.In other words, according to UBS's standards, if Morgan Chase is permitted, there will still be space to accept or acquire more local banks to rescue or acquire more troubled local banks.
However, in the future that Dimon is absent, if Morgan Chase will continue to play the savior, the challenges to overcome, I am afraid it is not just the question of whether the Demon is competent.As the government, the deterioration of a few banks such as JP Morgan Chase is so big that it cannot be reversed. He continues to turn a blind eye, and he does not mind the situation of killing and competition and threatening the financial system of a small number of Wall Street Banks.After all, Morgan Chase acquired the post -troubles brought by the first republic, will it detonate a storm that is more serious than the current local bank crisis, and I am afraid that it is more worthy of the decision makers.
The author is a local freelance writer