JP Morgan to snap up most of failed US bank First Republic

US banking titan to buy ‘all deposits and substantially all assets’ in deal brokered by regulators to contain banking failures

JP Morgan is to acquire most of the failed California bank First Republic, in a takeover brokered by regulators as the US races to contain a series of banking failures that has echoes of the 2008 global financial crisis.

After weekend talks to prevent a further escalation of the US banking crisis, the Federal Deposit Insurance Corporation (FDIC) confirmed that First Republic had collapsed and would be taken over by JP Morgan. The regulator is providing $50bn (£39.9bn) of financing as part of the deal.

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