JPMorgan Chase will acquire most of First Republic Bank’s assets for $10.6 billion after U.S. regulators seized control of the embattled institution and facilitated its sale over the weekend.
President Joe Biden and JPMorgan Chase CEO Jamie Dimon reiterated that the worst of the crisis is over.
“These actions are going to make sure that the banking system is safe and sound, and that includes protecting small businesses across the country who need to make payroll for workers and their small businesses,” the president said at the White House on May 1 during an event celebrating National Small Business Week.
While Dimon thinks another small bank failure could happen, he told analysts on a call that purchasing First Republic “pretty much resolves them all. This part of the crisis is over.”…