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JPM Sees Modest Gains On First Republic Takeover, Media Call Later Today

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JPMorgan's press release on the takeover of First Republic Bank is at this link - main headlines in addition to the details released earlier by the FDIC is that JPM sees the deal to be "modestly" accretive to EPS, and that JPM will:
    • "Recognize an upfront, one-time, post-tax gain of approximately $2.6 billion, which does not reflect the approximately $2.0 billion dollars of post-tax restructuring costs anticipated over the next 18 months"
    • "Remain very well-capitalized with a CET1 ratio consistent with its 1Q 24 target of 13.5% and maintain healthy liquidity buffers"
  • There will be an investor presentation released at approximately 0700ET with a media call at 0800ET/investor call at 0830ET.
  • Very muted market reaction to the FDIC announcement as well as the JPM release.
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JPMorgan's press release on the takeover of First Republic Bank is at this link - main headlines in addition to the details released earlier by the FDIC is that JPM sees the deal to be "modestly" accretive to EPS, and that JPM will:
    • "Recognize an upfront, one-time, post-tax gain of approximately $2.6 billion, which does not reflect the approximately $2.0 billion dollars of post-tax restructuring costs anticipated over the next 18 months"
    • "Remain very well-capitalized with a CET1 ratio consistent with its 1Q 24 target of 13.5% and maintain healthy liquidity buffers"
  • There will be an investor presentation released at approximately 0700ET with a media call at 0800ET/investor call at 0830ET.
  • Very muted market reaction to the FDIC announcement as well as the JPM release.