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The Guardian - UK
The Guardian - UK
Business
Rob Davies

JP Morgan boss plays down risk of crisis after second biggest bank failure in US history

First Republic JP Morgan United States FDIC the Federal Reserve
First Republic bank branch next to a red stop sign
First Republic’s failure is the second largest in US banking history, beaten only by the 2008 demise of Washington Mutual. Photograph: Loren Elliott/Reuters

Jamie Dimon, the boss of JP Morgan, has played down the risk of a spiralling banking crisis after America’s biggest bank stepped in to buy most of collapsed lender First Republic in a $10.6bn (£8.5bn) takeover hurriedly brokered by US regulators.

After weekend talks to secure a sale of First Republic, the third US lender to fail this year, the Federal Deposit Insurance Corporation (FDIC) confirmed JP Morgan as the buyer.

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