Regulators "permitted the country's biggest bank to get even bigger. We expect this will be a Democratic focus for months," said Jaret Seiberg, banking analyst at TD Cowen. JPMorgan is so big that by law it would not be allowed to buy First Republic because no one bank can have more than a 10% market share of deposits in the U.S. It is only because First Republic failed that JPMorgan was able to step in. In a statement, JPMorgan portrayed the First Republic deal as beneficial both to the financial system and the company.