JP Morgan has bought up the bulk of First Republic Bank as part of a rescue mission, as US regulators stepped in to try to stem the country’s regional banking woes.
The US Federal Deposit Insurance Corporation yesterday (1 May) revealed it had closed First Republic and sold its deposits and most of its assets to JP Morgan. First Republic's collapse is what regulators hope is the end of a weeks long saga of turmoil in the US regional banking sector. First Republic shares plummet as bank haemorrhages deposits The last two months have seen the sudden failure of Silicon Valley Bank in March, followed quickly by Signature Bank, a smaller lender, and now San Francisco-based First Republic, America's 14th largest bank at the end of December. Acqu...
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