JPMorgan Held On to 90% of First Republic Clients After Takeover

JPMorgan Chase & Co. retained 90% of First Republic’s clients after buying the bank in a government-led auction earlier this year.

“A lot of the deposits came down rationally and over a very short period of time, but we still have relationships,” Marianne Lake, the company’s consumer and community-banking co-head, said at the Goldman Sachs US Financial Services Conference Tuesday. “So we still have a lot of opportunity to talk to them about bringing more of their wallet back to the company.”

Marianne Lake

Photographer: Jin Lee/Bloomberg

First Republic became the second-largest bank failure in US history in May, hobbled by a hole ...