This was announced in a statement by the US regulatory authority. JP Morgan will take over all $103.9 billion of deposits
The agreement for the sale of most of First Republic Bank’s assets to Jp Morgan Chase & Co has been concluded. This was announced in a statement by the US regulatory authority. JPMorgan will take over all of First Republic’s $103.9 billion in deposits and buy the majority of its $229.1 billion in assets. (THE CREDIT SUISSE COLLAPSE)
It is – explains the wsj – of the second largest bank failure in US history which in the last two months has seen the three biggest bank crashes, including Silicon Valley Bank and Signature Bank. “The Federal Deposit Insurance Corporation (Fdic) has taken possession of First Republic Bank and concluded an agreement for the sale of most of the bank’s assets to JPMorgan Chase & Co,” the US regulatory authority said in a statement. Thus, instead, the CEO Jamie Dimon to the Financial Times: “The government has invited us and others to come forward, our financial strength and our business model has allowed us to build a purchase plan that will minimize costs for the Fdic ”.