US financial authorities have seized California’s troubled First Republic Bank and sold it to JPMorgan Chase, hoping to bring to a close a two-month banking crisis that has spooked the financial system.First Republic Bank became the third major US institution to fail in two months.The deal, announced early on Monday, will see the banking giant take $173bn of loans, $30bn of securities and $92bn of deposits from the failed lender. There were no details on how much JPMorgan would pay.
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