JPMorgan Chase scooped up First Republic.įraser said there were a handful of banks that were mismanaged, but that “large banks are in very strong health. In May, regulators then seized First Republic Bank, whose share price plunged 97% from March to May despite a $30 billion rescue package from 11 banks. New York Community Bancorp acquired most of Signature’s deposits. Signature Bank also shut down that month when depositors withdrew large sums. First Citizens Bank & Trust ended up buying it. In March, Silicon Valley Bank, once one of the most powerful lenders for venture startups, collapsed after investors and depositors tried to withdraw some $42 billion. consumer is entering-whatever the slowdown is-in good health.”įraser, 55, also discussed the recent regional banking crisis. The CEO said she’s definitely seeing signs of softening but isn’t stressed because “the U.S. is so resilient,” Fraser told an audience filled with chief executives.
No one quite knows when it’s coming because the U.S.
“I think we’re certainly heading for a slowdown.
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