JPMorgan Chase has reached an agreement to save First Republic Bank, which has lost tens of billions of dollars in customer withdrawals in recent weeks. The San Francisco-based bank’s “substantial majority” of assets, including loans, securities, and customer deposits, will be taken over by JPMorgan Chase. First Republic’s 84 bank branches, located in eight states, will continue operating normally this week. This marks the latest in a growing number of US banking collapses.
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Summary
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JPMorgan Chase to Acquire Troubled First Republic Bank
Description
JPMorgan Chase has reached an agreement to save First Republic Bank, which has lost tens of billions of dollars in customer withdrawals in recent weeks.
Author
Susan Jane
Publisher Name
Fintech Magazine
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