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Economy

Risk Of Crisis Looms After Second Biggest Bank Failure In US History

View Source | May 2, 2023 12:37 pm

  • 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.
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