First Republic: JP Morgan to take over assets after lender becomes fourth to fail in two months
JP Morgan has agreed a deal with regulators to acquire the “substantial majority” of First Republic’s assets, including $173 billion (£138bn) of loans. The California Department of Financial Protection and Innovation announced early on Monday it had taken possession of First Republic and the Federal Deposit Insurance Corporation (FDIC) would act as its receiver. The […]
First Republic gets $30 billion bailout from big US banks
First Republic Bank, which is facing a crisis of investor and customer confidence, will receive a $30 billion lifeline from a group of America’s largest banks. “This show of support from a group of large banks is very welcome and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday. […]
