JP Morgan buys First Republic in weekend rescue deal
US suffered “a bit of complacency” on banking regulation, says IMF chief
JP Morgan emerged as the winning bidder in a weekend effort to sell First Republic Bank, the latest US-based lender to fail.
The Federal Deposit Insurance Corporation (FDIC) said JP Morgan had bought all of First Republic’s deposits, and would take over the bank’s 84 branches across the US.
First Republic had around $229 billion in assets on April 13. JP Morgan bought the “substantial majority” of the assets, including a loan book worth $173 billion and around $30 billion of securities.
JP
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