US financial regulators have announced that struggling lender First Republic Bank went under in the second-largest bank failure in the country's history.
The Federal Deposit Insurance Corporation said on Monday that JPMorgan Chase Bank will acquire the failed lender's deposits and assets.
California-based First Republic was known for catering to wealthy customers. Its assets stood at 229.1 billion dollars as of April 13, surpassing those of Silicon Valley Bank, which collapsed in March.
First Republic said on April 24 that it had lost 72 billion dollars in deposits in the first quarter of this year, after customers withdrew their savings amid banking turmoil.
The news caused its share price to plunge, further fueling concerns about the bank's fate.
The Federal Deposit Insurance Corporation said on Monday that JPMorgan Chase Bank will acquire the failed lender's deposits and assets.
California-based First Republic was known for catering to wealthy customers. Its assets stood at 229.1 billion dollars as of April 13, surpassing those of Silicon Valley Bank, which collapsed in March.
First Republic said on April 24 that it had lost 72 billion dollars in deposits in the first quarter of this year, after customers withdrew their savings amid banking turmoil.
The news caused its share price to plunge, further fueling concerns about the bank's fate.
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Summary
US financial regulator announces the failure of First Republic Bank, the second-largest in US history with assets worth $229.1 billion. JPMorgan Chase will acquire its deposits and assets. Known for catering to wealthy clients, the bank lost $72 billion in deposits in Q1, leading to concerns about
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ID: 456586ee-76e2-4c86-b086-6716decddbe9
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230501_17/
Date: May 1, 2023
Created: 2023/05/01 20:16
Updated: 2025/12/09 04:25
Last Read: 2023/05/01 20:19