Though JPMorgan Chase CEO Jamie Dimon declared the banking crisis is over after his firm acquired beleaguered regional bank First Republic on Monday, some VCs aren’t convinced.
The latest takeover won’t stem the crisis, argues Peter Hébert, cofounder and managing partner at Lux Capital. “It is a major U.S. banking issue,” he told Term Sheet yesterday. (He said Lux banks with Silicon Valley Bank, now owned by First Citizens, First Republic, and its new owner, JPMorgan, among others.) But he describes the JPMorgan acquisition as “probably the best of all outcomes given the circumstances.”
