The banking sector remains stable despite the recent collapse of First Republic Bank, JPMorgan Chase CEO Jamie Dimon said Monday.
"No crystal ball is perfect, but yes, I think the banking system is very stable," Dimon said on an investor call. "This part of the crisis is over."
JPMorgan Chase has acquired “the substantial majority of assets” and assumed the deposits, insured and uninsured, of First Republic from the FDIC.
First Republic's collapse is the second largest US bank to fail, and comes just over a month after the collapse of Silicon Valley Bank and Signature Bank set off concerns about the health of the financial sector.
But Dimon warned that while banking issues have been contained, the economy isn't out of the woods.
"Down the road, rates going way up, real estate, recession — that's a whole different issue. But for now, we should just take a deep breath," Dimon said.