Largest U.S. Bank Notches Massive Profits Following Government-Assisted Acquisition

The biggest bank in America announced huge profits Friday after previously striking a deal with federal regulators to buy the failed First Republic Bank.

JPMorgan Chase reported $14.5 billion in net income for the second quarter of 2023, which is up 67% compared to the previous quarter and 40% excluding First Republic, according to JPMorgan’s earnings release. First Republic failed in May after a bank run, requiring federal regulators to seize the bank and have other large banks bid on its sale, leading JPMorgan to acquire the bank and maintain funds for depositors.

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