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Wednesday, March 22, 2023

As in 2008, JPMorgan chief plays key role in bank rescue

Jamie Dimon, chairman and chief executive of JPMorgan Chase, appears before Congress in September 2022

NEW YORK: Consulted by policymakers and able to nudge his peers into action, JPMorgan Chase CEO Jamie Dimon played a key role in a bank rescue effort this week — a situation sparking reminders of 2008.

Following the swift collapse of Silicon Valley Bank and Signature Bank, there have been fears that regional lender First Republic Bank could be the next domino to fall — despite moves by agencies like the Treasury Department and Federal Reserve to assure SVB and Signature’s depositors.

While First Republic is not yet out of the woods, it was given a lifeline on Thursday as 11 major United States banks pledged to deposit US$30…

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