Market moving insight and analysis. Join Jim Kramer, David Faber and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Monday morning, welcome to Squawk on the Street. I'm Carl Kintanayor with Jim Kramer at the New York Stock Exchange. David Faber at the Milken Institute Global Conference of Beverly Hills. Future is pretty steady here as we kick off May with a big week ahead. J.P. Morgan buying

most of First Republic will get 20% of the S&P reporting earnings, including Apple, Fed decision,

jolts, and a jobs number. A roadmap begins with the First Republic failure, JPM, taking it over

after being seized by regulators, the third U.S. Bank collapsed since March. Stocks are coming off a second month

of gains, investors watching what's to come from the Fed this week, and signs of a slowing adoption

of EVs. GM gets an upgrade about that over at Morgan Stanley. Let's begin, though, with the collapse

of First Republic and its seizure by regulators. The FDIC announced that JPMorgan Chase has agreed to assume all of the bank's deposits and substantially

all of its assets. Just last week, as you know, First Republic disclosed that in March

customers pulled more than $100 billion in deposits following the failures of both SVB and

signature. But on a conference call in the past hour, Jamie Diamond says the American banking system is extraordinarily sound.

And they took pains, Jim, to paint this in a much different light than what happened in 2008.

Yeah, I really like that because they talked about how they're pristine loans this time.

I think that really matters.

These are homes that are very big streaming.

These are like $5 million homes that they lend a million dollars on. I'm sure that Jamie has looked at the book. There's a nice cushion from the FDIC. Of course, they are actually paying. That's not been talked about. You're going to make a payment of $10.6 billion to the FDIC. That way it won't look like just a giant gift. And David, it looks like to me that this is just a win for JPM Morgan, but also a win for the system because the banks that had looked like they're going to write off the FDIC money are going to get back.

Right. Yeah.

I guess it is overall.

I'm just trying to think through what you just said in terms of writing off the FDIC money, Jim,

because there was an expectation coming into this that J.P. Morgan would be

incented to be the highest bidder in part because it's the highest provider,

the largest provider of assessment when given it's 11%

of the insurance deposits, essentially, even more than that now with its deposits going up.

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