US banking titan JP Morgan to snap up most of First Republic

Wall Street stalwart to buy ‘all deposits and substantially all assets’ of collapsed bank in deal brokered by federal regulators

JP Morgan is to acquire most of the collapsing California bank First Republic, in a takeover brokered by regulators as the US races to contain a rash of bank failures with echoes of the 2008 global financial crisis.

After weekend talks brokered by regulators, the Federal Deposit Insurance Corporation (FDIC) confirmed that First Republic had collapsed and would be taken over by JP Morgan.