Three years ago, JPMorgan Chase executive Doug Petno was at a New York City party celebrating a colleague's retirement when his boss, Jamie Dimon, called Petno over.
It was March 9, 2023, and the customers of a West Coast lender known for catering to startups had been withdrawing deposits in droves.
"Jamie looks at me and says, 'Get on this call,'" Petno told CNBC this week in an exclusive intervi...
**Steelman:** JPMorgan’s strategic response to the SVB collapse demonstrates agility and foresight. By absorbing fleeing clients and expanding its startup banking division, the bank filled a market vacuum while leveraging its scale to offer comprehensive financial services. The acquisition of First Republic and hiring of SVB talent further solidified its position. JPMorgan’s dual focus—serving startups while learning from them—aligns with its broader innovation goals, making it a formidable play...