The Federal Deposit Insurance Corp. says JPMorgan Chase Bank will take over all assets of troubled First Republic Bank.
First Republic has struggled since the March
“Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of JPMorgan Chase. Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102 billion at the end of 2019’s first quarter, when its full-time workforce was 4,600.
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