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Droppin’ Dimons

A brief history of how Jamie Dimon and JPM became the saviors of Wall Street.

Jamie Dimon is predicting, conservatively, that First Republic will add $500 million in net income to JPM’s bottom line.
Jamie Dimon is predicting, conservatively, that First Republic will add $500 million in net income to JPM’s bottom line. Photo: Drew Angerer/Getty Images
William D. Cohan
May 3, 2023

On Monday, the Federal Reserve offered its blessing for the latest JPMorgan financial rescue—in this case, the acquisition of First Republic, with an assist from the FDIC. Federal regulators waved a rule about the concentration of bank deposits in one institution and allowed JPMorgan Chase to get even bigger. “Goliath is winning,” the Wells Fargo banking analyst Mike Mayo told me on Monday afternoon.