Mohamed El-Erian on JPMorgan's takeover of failed First Republic Bank

Look at what JPMorgan acquired.  First Republic was one of the most envied banks.  Why?  It had very rich depositors, it was able to make jumbo mortgages to very creditworthy clients and it had what was viewed as the best client experience, the best customer service.  All that is now acquired by JPMorgan at a cost that's only moderately more than what they would have lost [$5 billion] in their deposits that they put in First Republic.  So for JPMorgan, that is a great deal.  And you see that in the stock price.  Now will it make a huge difference to the bank?  No.  But at the margin it is undoubtedly and unambiguously beneficial to JPMorgan.

~ Mohamed El-Erian, interview on CNBC, May 1, 2023