Each year, the dress code tracks to the theme of the show - this time around, the career of the Chanel designer Karl Lagerfeld, who died in 2019.Īttendees last night included many of the frequent fliers (Kim Kardashian, Gigi Hadid, Serena Williams), as well as some new names: the W.N.B.A.

But the law includes an exception for the acquisition of a failing bank.Ĭelebrities appeared in droves at New York City’s Metropolitan Museum last night for the Met Gala, fashion’s event of the year, with a guest list hand-selected by Anna Wintour, the editor of U.S.

JPMorgan said that it expected the deal to raise its profit this year by $500 million.Ĭontext: Normally a bank cannot acquire another bank if doing so would allow it to control more than 10 percent of the nation’s bank deposits - a threshold JPMorgan had already reached before buying First Republic. JPMorgan will pay $10.6 billion to acquire First Republic, and the government expects to cover a loss of about $13 billion on First Republic’s assets. JPMorgan is likely to make a lot of money from the acquisition, according to experts. But the acquisition has also brought to the fore debates about whether some banks have become too big to fail partly because regulators have allowed or even encouraged them to acquire smaller financial institutions. Their action appears, for now, to have quelled nearly two months of turmoil in the banking sector that followed the sudden collapse of Silicon Valley Bank and Signature Bank in early March.įor Jamie Dimon, JPMorgan’s chief executive, it was a reprise of his role in the 2008 financial crisis, when JPMorgan acquired Bear Stearns and Washington Mutual at the behest of federal regulators. government officials seized First Republic Bank and then sold it to the country’s biggest bank, JPMorgan Chase. In the early hours of Monday morning, U.S.

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