US financial authorities have seized California’s troubled First Republic Bank and sold it to JPMorgan Chase, hoping to bring to a close a two-month banking crisis that has spooked the financial system.
First Republic became the third major financial institution in the United States to fail in two months.
The deal, announced early on Monday, will see JP Morgan take $173bn of loans, $30bn of securities and $92bn of deposits from the failed lender. There were no details on how much the banking giant would pay.
“Our government invited us and others to step up, and we did,” JPMorgan’s CEO Jamie Dimon said in a statement.
Al Jazeera’s Kristen Saloomey joins us live from New York.
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#JPMorgan #FirstRepublicBank #FirstRepublicBankCollapse #FinancialCrisis #Finance #Banks
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