JP Morgan Chase is set to take over the troubled bank First Republic in a deal brokered by regulators.
The Federal Deposit Insurance Corporation (FDIC) confirmed in a statement that First Republic Bank had collapsed on Monday.
Investment banking giant JP Morgan will take on all of the deposits and the majority of First Republic’s assets.
First Republic is the third US bank to collapse in recent months, which has prompted fears of wider banking crisis.
Read more at BBC.com
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