JPMorgan's Jamie Dimon plays key role in bank rescue, in echo of 2008

March 18, 2023

Consulted by policymakers and able to nudge his peers into action, JPMorgan Chase CEO Jamie Dimon played a key role in a bank rescue effort this week -- a situation sparking reminders of 2008. Yellen raised the idea of major banks stepping in together, said a source familiar with the matter. Dimon, who has led JPMorgan since 2005, is the last remaining boss of a major bank still in place after the 2008 financial crisis. While there was no question this time of taking over a troubled bank, Dimon met with Yellen on Thursday afternoon after her appearance at a Senate hearing. The aim was to discuss the final details of a plan that would eventually see 11 major banks put together deposits of $30 billion into First Republic.