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The first is the institute’s U.S. deposit insurance FDIC trustee, as California financial regulator DFPI announced Monday. In the next step, JP Morgan will take over First Republic with all its deposits and nearly all its assets.
Shares of First Republic Bank were temporarily banned from trading on Friday after falling more than 50 percent to hit a record low. Since the collapse of Silicon Valley Bank and Signature Bank, the money house has struggled with many customers withdrawing their funds.
Behind the problems lay the spike in key interest rates. Despite the aid campaign carried out by the largest US financial institutions in coordination with the Treasury Department and the Central Bank, the situation remained uncertain. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
