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Why First Republic Bank Was Seized and Sold to JPMorgan Chase | WSJ

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First Republic Bank was seized by the FDIC early Monday and a deal was struck to sell the bulk of its operations to JPMorgan Chase, a move that regulators hope will stabilize the industry and cut down on customer panic. This comes after First Republic lost $100 billion in deposits following the collapse of Silicon Valley Bank.

WSJ’s Ben Eisen explains what led to the bank’s failure and what it means for customers, investors and the banking industry.

0:00 First Republic is the second-largest bank failure in the U.S.
0:26 Background on First Republic
1:44 JPMorgan Chase’s purchase of First Republic
2:32 What could happen next?

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#FirstRepublic #JPMorgan #WSJ
Category
Television
Tags
first republic bank, jp morgan, jp morgan chase
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