JPMorgan wins government auction to buy seized First Republic Bank
Regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co on Monday , in a deal to resolve the largest US bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.
Barely a week later, California regulators on Monday seized First Republic and put it into FDIC receivership alongside the sale of its assets, marking the third major US bank failure in two months and the largest since Washington Mutual in 2008. "Our government invited us and others to step up, and we did," said Jamie Dimon, JPMorgan Chairman and CEO, who had been a key player in the 2008 financial crisis as well and bought Bear Stearns in a weekend rescue.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why First Republic Bank failed and what JPMorgan's deal meansThe focus of the US regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. With no let-up in pressure on First Republic, the biggest US bank JPMorgan Chase & Co, said on Monday (May 1) it will
Read more »
Analysis: JPMorgan's takeover of First Republic fuels M&A expectationsNEW YORK : Few investors and bankers could have imagined regulators would allow the largest U.S. lender to buy another bank and become even bigger. Then, Jamie Dimon beat the odds, clinching a deal to buy First Republic Bank on Monday. Now, the JPMorgan Chase & Co CEO expects more deals will follow in the
Read more »
JP Morgan to buy First Republic Bank's assets and assume deposit baseJPMorgan Chase & Co will buy most of First Republic Bank's assets in a last-ditch rescue led by United States regulators, marking the third major US institution to fail in two months. The deal, announced early on Monday (May 1) by regulators who said they had seized First Republic, will see the banking
Read more »
First Republic auction underway, with deal seen by Apr 30: SourcesBanks including Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase are among roughly half a dozen bidders vying for First Republic Bank in an auction process being run by US regulators, according to sources familiar with the matter. Guggenheim Securities is advising the US Federal De
Read more »
Israeli forces kill Palestinian teen in West Bank raidSix others were wounded, including three in serious condition, Palestinian health officials said. Read more at straitstimes.com.
Read more »
World Bank set to launch more robust, transparent business climate rankingsWASHINGTON : The World Bank will announce on Monday a new methodology for assessing the business climate in up to 180 countries after embarrassing revelations of data irregularities and favoritism toward China forced it to cancel the 'Doing Business' rankings two years ago.The bank said a pilot edition of
Read more »