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Fortune
Fortune
Christiaan Hetzner

Citibank CEO ‘very pleased’ First Republic’s demise eliminates the last big threat from banking's recent turmoil

Citibank CEO Jane Fraser (Credit: PATRICK T. FALLON—AFP via Getty Images))

Citigroup hopes Monday's seizure of First Republic Bank and its subsequent sale to JPMorgan Chase will draw a line under the recent crisis and help a beleaguered financial sector turn the corner.

First Republic eclipsed Silicon Valley Bank as the second-largest U.S. lender to collapse after Washington Mutual in 2008.

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