The road to First Republic Bank's collapse
Business
The road to First Republic Bank's collapse
(Reuters) - JPMorgan Chase & Co (JPM.N) is buying most of First Republic Bank's (FRC.N) assets, which had been seized by United States regulators, in a last-ditch rescue for the strained lender, marking the third major U.S. bank to fail in two months.
Last week, First Republic reported a more than $100 billion plunge in deposits in the first quarter that sparked a brutal sell-off in the lender's shares.
Banks have been staring at the biggest crisis since 2008 after two U.S. lenders collapsed in March and the turmoil has ratcheted up fears of a contagion and prompted action from the U.S. Federal Reserve, U.S. Treasury and the private sector.
