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When JPMorgan Chase bought First Republic Bank in May, all eyes were on its CEO, Jamie Dimon. Here’s how the executive’s strategy for managing risk propelled him to the top of the banking world. Photo illustration: John McColganAmerican consumers and businesses remained on surprisingly solid financial footing last year, propelling earnings for the biggest banks yet again. JPMorgan Chase said it made $50 billion in 2023, a record, as many firms reported fourth-quarter and full-year results Friday. JPMorgan, Bank of America , Wells Fargo and Citigroup together earned $104 billion in 2023, up 11% from a year earlier.

Persons: JPMorgan Chase, Jamie Dimon, John Organizations: JPMorgan, First Republic Bank, Bank of America, Citigroup Locations: Wells Fargo

☆ First Republic Crashed and Burned. This Bank Wants to Copy Its Business.
▼ + stars: | 2023-11-26 | by ( Rachel Louise Ensign | Gina Heeb | ) www.wsj.com time to read: 1 min

Regional lender Citizens Financial Group opened a new private bank for wealthy customers last month. Its inspiration: First Republic Bank , which collapsed earlier this year in the second-largest bank failure in history. Citizens, based in Providence, R.I., is spending tens of millions of dollars hiring former First Republic staffers. It hopes the strategy will help it crack a market it has long coveted. Executives say they plan to copy only the good parts of First Republic, such as its beloved customer service.

Organizations: Financial Group, First Republic Bank, Republic, Executives, First Locations: Providence, R.I, First Republic

Charley GrantCharley Grant is a banking reporter at The Wall Street Journal based in New York. Previously, he was a Heard on the Street columnist. He is a CFA charter holder.

Persons: Charley Grant Charley Grant Organizations: Wall, Journal, CFA Locations: New York

Republic First, which has about $6 billion in assets, operates branches in Pennsylvania, New Jersey and New York. Photo: Breanna Denney/The Wall Street JournalA Philadelphia bank struggling to stay afloat is nearing a deal with an investor group aimed at shoring up its finances, a sign that smaller lenders are still under stress after a wave of failures shook the industry earlier this year. Republic First Bancorp is set to receive a $35 million infusion from a group of existing investors led by George Norcross III, Philip Norcross and Gregory Braca , according to people familiar with the matter. The bank is in talks to raise another $40 million to $65 million from additional investors.

Persons: Breanna Denney, George Norcross III, Philip Norcross, Gregory Braca Organizations: Republic First Bancorp Locations: Pennsylvania , New Jersey, New York, Philadelphia, Republic

Republic First, which has about $6 billion in assets, operates branches in Pennsylvania, New Jersey and New York. Photo: Breanna Denney/The Wall Street JournalA Philadelphia bank struggling to stay afloat agreed to a deal with an investor group aimed at shoring up its finances, a sign that smaller lenders are still under stress after a wave of failures shook the industry earlier this year. Republic First Bancorp is set to receive a $35 million infusion from a group of existing investors led by George Norcross III, Philip Norcross and Gregory Braca , the bank said, confirming an earlier Wall Street Journal report. The bank is in talks to raise another $40 million to $65 million from additional investors.

Persons: Breanna Denney, George Norcross III, Philip Norcross, Gregory Braca Organizations: Republic First Bancorp Locations: Pennsylvania , New Jersey, New York, Philadelphia, Republic

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Persons: Dow Jones, sachs Organizations: goldman

Persons: Dow Jones

☆ How U.S. Households Got Turned Upside Down by Higher Interest Rates
▼ + stars: | 2023-09-21 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Banks Load Up on $1.2 Trillion in Risky ‘Hot’ Deposits
▼ + stars: | 2023-09-12 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Who Wins When a Bank Fails? Wine Guy Frank Martell
▼ + stars: | 2023-08-26 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

Persons: Dow Jones, martell

☆ Mortgage Rates Hit 7.23%, Highest Since 2001
▼ + stars: | 2023-08-24 | by ( Ben Eisen | Gina Heeb | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/economy/housing/mortgage-rates-hit-7-23-percent-72688ccd

Persons: Dow Jones

☆ Mortgage Rates Hit 7.09%, Highest in More Than 20 Years
▼ + stars: | 2023-08-17 | by ( Ben Eisen | Gina Heeb | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/economy/housing/mortgage-rates-2023-us-higher-seven-percent-c92d684a

Persons: Dow Jones

☆ Bank Stocks Slide After Moody’s Downgrade
▼ + stars: | 2023-08-08 | by ( Gina Heeb | Josh Mitchell | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Banks Lean On ‘Hot’ Deposits to Shore Up Balance Sheets
▼ + stars: | 2023-07-31 | by ( Gina Heeb | Ben Eisen | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

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Persons: Dow Jones Locations: california

☆ Big Regional Banks Reported Stable Deposits. For Investors, That Counts as Great News.
▼ + stars: | 2023-07-21 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

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Persons: Dow Jones

☆ Credit Scores Went Up in Pandemic. Now, More Borrowers Are Slipping.
▼ + stars: | 2023-07-12 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Everyone Wants Interest on Their Deposits. That’s Bad for Main Street Banks.
▼ + stars: | 2023-07-06 | by ( Rachel Louise Ensign | Gina Heeb | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Bank Deals Are Back on the Table. Getting One Done Could Be Messy.
▼ + stars: | 2023-07-04 | by ( Justin Baer | Gina Heeb | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Banks Brace for More Turmoil Heading Into the Third Quarter
▼ + stars: | 2023-06-30 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Online Banks Are Winning the Deposit War
▼ + stars: | 2023-06-03 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Former SVB, Signature Bank Executives to Face Senate Panel
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Former Silicon Valley Bank CEO Greg Becker plans to apologize to a Senate panel and say that no bank could have survived the deposit run that SVB saw in March. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesFormer Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank will appear in front of a Senate committee Tuesday, where the chairman is expected to blame senior management for the pair of failures in March. Senate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from customer and industry concentration, according to prepared remarks released ahead of the hearing.

☆ Senators Blame SVB, Signature Management for Banks’ Failures
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Watch live coverage of a Senate Banking Committee hearing with the former heads of Silicon Valley Bank and Signature Bank, after the failure of the banks. Senate Democrats and Republicans pressed former Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank Tuesday, blaming both banks’ management for the way they handled rapid growth and rising interest rates before collapsing in MarchSenate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from their customer and industry concentrations. SVB catered to startup and venture customers, a tightknit group who pulled their large deposits when trouble hit. Signature bet on crypto banking and then struggled after the sector imploded.

☆ Former SVB, Signature Bank Executives Face Senate Panel
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Watch live coverage of a Senate Banking Committee hearing with the former heads of Silicon Valley Bank and Signature Bank, after the failure of the banks. Former Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank appeared in front of a Senate committee Tuesday, where the chairman blamed senior management for the pair of failures in March. Senate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from customer and industry concentration.

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