JP Morgan Chase has taken over the troubled US bank First Republic in a deal brokered by regulators. The Wall Street giant said it would pay $10.6bn (£8.5bn) to the Federal Insurance Deposit Corp (FIDC), after officials shut down the smaller bank. Related News FG sues JP Morgan for $875m over Malabu oilfield dealBut the deal appeared poised to renew political debate about financial regulation and the power of America’s biggest banks. The Chief Executive of JP Morgan Chase, Jamie Dimon, said the government had “invited” the banking giant, along with others, to “step up, and we did” and offered assurances about the industry. The demise a few days later of another US lender, Signature Bank sparked panic among investors and bank customers.

Source: Punch May 02, 2023 04:31 UTC