{"id":33430,"date":"2023-05-04T15:18:07","date_gmt":"2023-05-04T15:18:07","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/largest-banks-doing-big\/"},"modified":"2023-05-04T15:20:23","modified_gmt":"2023-05-04T15:20:23","slug":"largest-banks-doing-big","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/largest-banks-doing-big\/","title":{"rendered":"Largest banks doing big deals not ideal, FRC an exception – Powell"},"content":{"rendered":"

NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell said it was probably good policy that the largest banks are not doing big acquisitions, but said that JPMorgan Chase & Co’s acquisition of First Republic Bank was an exception.<\/p>\n

Regulators have to follow the law of going with the least-cost bid, Powell said.<\/p>\n

Regulators seized First Republic and sold its assets to JPMorgan on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.<\/p>\n

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signaled it may pause further increases. <\/p>\n

Powell said that the resolution of First Republic was “an important step to drawing a line” under a period of severe stress in the banking system.<\/p>\n

He added that he was very focused on what happens with credit availability and would broadly monitor what is going on in the banking sector.<\/p>\n

Powell added that the speed of the run on SVB needed to be reflected in supervision and regulation.<\/p>\n

Startup-focused lender SVB Financial Group, which did business as Silicon Valley Bank was closed by regulators on March 10 in a sudden collapse. <\/p>\n

\n

(Reporting by Megan Davies; Editing by Andrea Ricci)<\/p>\n

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NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell said it was probably good policy that the largest banks are not doing big acquisitions, but said that JPMorgan Chase & Co’s acquisition of First Republic Bank was an exception. Regulators have to follow the law of going with the least-cost bid, Powell said. Regulators seized […]<\/p>\n","protected":false},"author":8,"featured_media":33431,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-33430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ4300I-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=33430"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33430\/revisions"}],"predecessor-version":[{"id":34418,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33430\/revisions\/34418"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/33431"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=33430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=33430"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=33430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}