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JP모건 CEO 제이미 다이먼이 퍼스트리퍼블릭 인수(106억 달러, 약 300억 달러 가치 대비 저가) 후 추가 은행 인수에는 소극적이라는 입장을 밝혔다는 내용이다. 다이먼은 인수 작업에 800명이 상시 투입되고 1만 명이 동원되는 등 업무 부담이 커서 추가 인수는 재고하겠다고 했고, 주주에게 주는 이익도 크지 않다고 언급했다. 영상은 은행 파산 시 FDIC가 예금을 보장하고, 결국 재정 적자와 연준의 화폐 발행으로 인플레이션 부담이 납세자에게 전가된다는 구조를 설명하며, 규제당국이 민간은행의 인수를 압박해 온 배경을 짚었다. 2008년 베어스턴스·워싱턴뮤추얼 인수 후 JP모건이 2013년 130억 달러 벌금을 낸 사례를 언급하며, 다이먼이 같은 문제를 반복하지 않으려 한다고 해석했다. 퍼시픽웨스트(PacWest) 은행은 예금 유출(일주일간 예금 7~10% 이탈)과 주가 급락으로 어려움을 겪고 있으며, 금리 상승이 대출 수요 감소와 보유 자산 가치 하락을 낳아 지역은행 전반이 압박받고 있고 은행 위기가 끝나지 않았다는 진행자의 진단이 이어진다. 전반적으로 은행 위기가 지속될 것이라는 전망이 깔려 있으나, 특정 자산의 1~3개월 가격 방향에 대한 명시적 예측은 없다.
다듬은 글
Jamie Diamond says that he does not want to bail out any more Banks Jamie Diamond is the CEO of JPMorgan Chase Bank and recently when First Republic Bank collapsed Chase Bank was the one that stepped up and purchased the failed assets from First Republic Bank now Chase Bank was able to get a great deal they bought the bank and the assets for pennies on the dollar but just recently Jamie Diamond came out and said that he does not want to do that again now you might be wondering why because it was a good deal for the bank they were able to buy a asset for pennies on the dollar here's what he had to say he says that people keep looking at the financial deal forget the financial deal when he's talking about the financial deal he means buying the bank for pennies on the dollar he says we have 800 people working around the clock on this 10 000 people deployed to consolidate systems risk fraud credits payments branches real estate vendors technology it's a lot of work so what he's saying is you yeah they were able to go out and buy this bank or Pennies on the dollar but then they have to deploy thousands of people to go out and figure out how to make the deal work and he does not want to continue to keep piling on this work onto his employees when they have other things to do and the returns apparently might not be big enough to justify that return he went on to talk about the benefit of buying First Republic Bank for the stock itself what he said is that first Republic's assets were marginally beneficial for shareholders which is why he went out and bought the stock now remember the CEO of a company has a fiduciary duty they have the duty to increase the stock price of the company that is the goals of the CEO that is your job how do you increase the stock price of a company well you got to make bigger profits what's one way they can make bigger profits well you can sell new products you can raise your profit margins you can cut costs or you can buy businesses one way that they did that recently was by buying the First Republic Bank now to give you some numbers on the First Republic Bank asset I think that'll help explain this a little bit more Jamie Diamond But First Republic Bank for 10.6 billion dollars and about 12 months ago First Republic Bank was valued for around 30 billion dollars so they got a pretty good deal on First Republic Bank but what he's saying is the amount of work that's required to manage the Takeover to deal with the process and the regulatory issues he says is not worth it he said it was marginally beneficial for shareholders but not that much to justify all the extra work required now the reason why this is so significant isn't just for the Chase Bank stock with the company but rather for the broader economy because when the First Republic Bank collapse happened there was a lot of pressure from Regulators like the FDIC the fed the treasury Department telling private Banks like Chase Bank to go out and make an offer to purchase the assets of this new collapsed bank and the reason why is because if a bank collapses and the private bank doesn't take it over like if Chase Bank didn't take over first to public bank then that would mean the FDIC would come in and they would have to then take the assets from first to public bank and if FDIC is taking the assets that means the government and taxpayers are on the hook for all the depositors because remember FDIC Insurance protects you up to 250 000 and right now it's really unclear whether or not there is a limit to FDIC because the government has essentially said that they will protect all depositors until further notice which means that the FDIC will have to pay out all deposits lost and the FDIC doesn't have that much money so where would the FDIC get the money to pay out depositors if they don't have that money well the FDIC is backed by the full faith and credit of the United States government and the United States government isn't sitting on a big cash pile we're in debt and we have a huge national deficit so how's the national government to get the money well we print the money with the help of the Federal Reserve Bank so if first or public Bank collapsed and fdsc took it over then that would essentially mean that there would be more money printing in order to fund the deposits that the FDIC would have to pay out that would be inflationary that would affect the taxpayer and it would affect more citizens because of that so that's why there was a lot of pressure by Regulators to get a private bank to come out and take over the bank now we did a whole Deep dive of this in Market briefs my free financial newsletter right now we have a daily banking section in our newsletter because right now we're seeing what's going on with Pac West Pac West is struggling a lot I'm going to talk about them in just a second and this banking crisis is far from over so if you want to stay up to date on what's going on with the banking crisis the economy the stock market the housing market crypto and the global economy it's a fun and easy to read email you can read it in less than five minutes every morning and it's completely free so if you want to join Market briefs I got the link to hiking joint for free down in the description below but this is where now when Jamie Diamond was talking about whether he would purchase more failed Banks what he said was no I doubt it I mean we're going to have a lot of blowback having bought this one First Republic Bank but if it was the right thing to do or it was the right thing to do but to buy First Republic Bank so he's not interested in buying more Banks which means if we do see more failed Banks which it seems like we will there's going to be potentially less interest from other Banks I mean Chase Bank is the largest bank out there here in the United States which means less interest from private Banks to purchase some of the failed Banks and part of the reason why is the work but the second reason is regulatory issues and the way that you can best understand that is just to back up and see what happened in the previous recession because when the 2008 crash happened we saw Banks like bear Stearns and Washington Mutual collapse and that was where Chase Bank did come in and they took over Washington Mutual and they also took over bear Stearns or some of the mortgage-backed securities and that also meant that JPMorgan Chase bank took on all their liabilities so these Banks collapsed Jamie Diamond and JPMorgan Chase Bank went out and bought these Banks and then in 2013 JP Morgan had to pay a 13 billion dollar fine for Regulators two Regulators because of problems from the mortgage-backed Securities at Bear Stearns and Washington Mutual so Chase Bank went out and bought these field Banks as a way to kind of help save the economy buy these assets or Pennies on the dollar there was a lot of pressure from the fed and the treasury Department to Chase Bank to buy these Banks they did and then because bear Stearns and Washington Mutual had issues with mortgage-backed Securities they got into a lot of trouble with these mortgage-backed Securities who had to pay the 13 billion dollar fine Chase Bank and this is where Jamie Diamond is saying he doesn't want to have a repeat of these types of issues so now he's potentially steering away from purchasing more of these failed Banks so we'll see where that goes on the Chase Bank side but then on the current event side of the banking sector we're now seeing the Pac West Bank get hit hard again which is really not that surprising I've been keeping you posted on what's been going on with Pac West here and Pac West Bank has been struggling a lot they originally started struggling because when First Republic Bank collapsed people started pulling their money out of pacquest and that was hurting the bank itself because now they had less deposits sitting there and as people pulled their money out of Pac West they were able to kind of calm the noise they said that we don't have a huge amount of deposits leaving it's not an unusual amount but then they had to release their earnings statement and when they released their earnings they disclosed how much cash was pulled out of their account or their accounts and that's when investors panicked and they started selling off the stock and when they started selling off the stock that was when I really started covering it that was when pacwest again said don't worry everything's okay deposits are safe which was an interesting thing for them to say because like I was saying here when you see the stock of your bank like if I had my savings at pacquest and I see their stock collapsing falling 30 to 50 in the day I'm naturally going to be worried as somebody who saves my money at Pac West and I would be more inclined to then want to pull my money out of pack West and put it somewhere safer where I know that it's more secure and pacwest denied that initially saying that no their deposits are safe well recently this week pacquest announced how much people pulled out of their deposits last week and when investors heard this number when they heard that between seven to ten percent of their deposits were pulled out in just one week the total Bank deposits in one week investors heard this got scared again and then we started to see the sell-off of pack West again so that's a double punch to the company because one when the stock price Falls the valuation of the company Falls and makes it more difficult for them to go out and raise more money if they needed to on the second hand when people pull their money out of the bank that gives them less operating Capital it gives them less money to continue running their operations it gives them less money to go out and make loans which means they have less ways to make money and if they have less ways to make money well that makes it harder to stay in business so pack West is going through a lot of struggles right now they're not the only bank there's a lot of regional banks that are going through similar processes and It ultimately comes down to what's going on with interest rates because the higher interest rates have been putting a lot of pressure on banks number one it makes people borrow less money and then number two it makes the assets that many of these banks are holding on to drop in value and many banks are holding on to underwater assets making it even harder for them to go out and raise money so the banking crisis is not over we got some interesting news from JP Morgan and Jamie dimon and this is where now again you want to stay prepared and understand what's going on and just know that this banking crisis will continue and if you want to stay up to date we'll keep you posted on Market briefs and I'll be doing the same here as well
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