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The bank’s CEO Jamie Dimon called the misstep, in connection to the bankrupt subprime auto lender, “not our finest moment.” He also warned that “when you see one cockroach, there are probably more.”
Buying the branches, which span 11 states, furthers First Citizens’ effort to expand nationally, bank executives said. One analyst, though, said it gives the North Carolina-based lender “a weird map.”
As Zions, Western Alliance and other banks revealed exposures to nonbank lenders, one analyst noted that concern around that sector is the “topic du jour.”
The bank’s CEO and president distanced their company from the bankrupt auto parts supplier and emphasized Jefferies’ liquidity, assets and a burgeoning partnership ahead of its investor day Thursday.
The Memphis, Tennessee-based bank’s CEO is “increasingly confident in our ability to integrate a well-structured merger,” but also indicated the lender is focused on “optionality,” he said Wednesday.
The bank, backed by billionaire investor Peter Thiel and founded by two tech pioneers, will serve companies focused on crypto, AI, defense and manufacturing.
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