JPMorgan Chase has informed approximately 1,000 employees of First Republic Bank that they will no longer have their jobs. Earlier this month, JPMorgan acquired most of First Republic’s assets after the San Francisco-based regional bank was seized by the government, making it the second-largest bank failure in US history. A spokesperson for JPMorgan confirmed that…
First Republic Bank (FRC) is teetering on the brink of collapse as shares fell to new all-time lows on reports the federal government and the nation’s biggest banks are reluctant to put together a rescue package. The beleaguered lender reported deposit outflows of more than $100 billion in the first quarter, or 40% of the…
Last Friday, the biggest failure of a US bank since the global financial crisis was playing out in real time as a major lender to the tech industry succumbed to a classic bank run. Silicon Valley Bank’s customers were frantically pulling their money from the California-based lender before US regulators intervened to take control. But…
