The Latest Breaking News from JPMorgan

In the second-largest bank failure in U.S. history, officials seize First Republic Bank, selling its deposits and most of its assets. It’s the third midsize bank to fail in two months.

The failed bank was taken over by the FDIC and taken over by JPMorgan Chase A Month After Received A $30 billion deposit

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“I put a lot of my time and attention into this, because I think it really threatens to erode democracies,” says Horovitz.

June S&P 500 futures (ESM23) are up +0.04%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.05% this morning as market participants digested JPMorgan’s takeover of First Republic’s assets while looking ahead to the Federal Reserve’s upcoming interest rate decision as well as Friday’s nonfarm payrolls report.

The bank's been on shaky ground since the failure of Silicon Valley Bank.

Drastic intervention to contain third US bank failure in two months

US regional bank First Republic had a little more than $301 billion worth of assets and around 7,000 employees.