• Jamie Dimon, the boss of JP Morgan, has played down the risk of a spiralling banking crisis after America’s biggest bank stepped in to buy most of collapsed lender First Republic in a $10.6bn (£8.5bn) takeover hurriedly brokered by US regulators.
• After weekend talks to secure a sale of First Republic, the third US lender to fail this year, the Federal Deposit Insurance Corporation (FDIC) confirmed JP Morgan as the buyer.
• The regulator is providing $50bn of financing and promising to share loan losses, as part of a deal that further cements JP Morgan’s position as the largest lender in the US.

Tagged: Economy