JP Morgan Chase has come to the rescue of First Republic Bank, which has become the third major US institution to fail in the last two months.
In a last-ditch effort led by US regulators, JP Morgan will acquire most of First Republic's assets in a deal announced on Monday.
Regulators said they had seized First Republic, and the agreement will see the banking giant take over $173 billion (£138.4 billion) of loans, $30 billion (£24 billion) of securities, and $92 billion (£73.6 billion) of deposits of the failed lender, adding up to a total of $295 billion (£236 billion) in assets and liabilities.
