US regulator seizes First Republic Bank, to sell assets to JP Morgan
JPMorgan 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 wall of worry may ease. Resolving FRC should end the seven-week post-SVB bank crisis phase," Wells Fargo analysts wrote in a note late on Sunday before the deal was announced. on Sunday in an auction being run by US regulators, sources familiar with the matter said over the weekend.The California Department of Financial Protection and Innovation said it had taken possession of First Republic and the Federal Deposit Insurance Corporation would act as its receiver.
JPMorgan said it expected to achieve a one-time, post-tax gain of approximately US$2.6 billion after the deal which did not reflect an estimated US$2 billion dollars of post-tax restructuring costs likely over the next 18 months.
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