JPMORGAN CHASE SAID on Monday it will buy most of First Republic Bank's assets after regulators seized the troubled lender at the weekend, marking the third failure of a major US bank in two months.
Under the deal, which came after an auction, JPMorgan will pay $10.6 billion to the US Federal Deposit Insurance Corp (FDIC) for most of the assets of the San Francisco-based bank, whose failure is the largest since Washington Mutual in 2008.
JPMorgan, already the biggest bank in the United States, has also entered into a loss-share agreement with the FDIC on single-family, residential and commercial loans it bought, but will not take First Republic Bank's corporate debt or preferred stock.
Bu hikaye Financial Express Mumbai dergisinin May 02, 2023 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin May 02, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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