JPMorgan’s First Republic rescue a sign of consolidation in U.S. banking: Experts

JPMorgan Chase & Co.’s acquisition of troubled First Republic Bank is a sign of growing consolidation in the U.S. banking landscape, experts told BNN Bloomberg.

Dick Bove, chief financial strategist at Odeon Capital, said the deal is a “grand-slam home run” for JP Morgan, already America’s largest bank, but it’s bad news for smaller lenders in the country.

“It increases the ability of JPMorgan to wipe them out,” Bove said in a television interview on Monday.

“It is very good for JPMorgan, maybe a lot less good for American banking.”