First Republic Bank collapses amid rising fears of American banking crisis

A financial giant has stepped in to snap up the troubled American bank First Republic, in a deal brokered by regulators. All of First Republic’s 84 offices and remaining deposits are now under the control of JP Morgan.

First Republic Bank has been on the brink in recent weeks, despite a $30-billion lifeline from several major financial institutions. Worried savers pulled more than $100 billion in deposits from the firm, causing its market value to collapse by 97%.

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