JPMorgan jumps to the rescue at First Republic – for a price

First Republic’s mortgages are mainly for expensive homes bought by very wealthy people. (Image: Getty)

Tue, 02 May 2023

By Paul J DaviesThe slow collapse of First Republic Bank has a resolution and it’s Jamie Dimon, acting much like the original John Pierpont Morgan, to the rescue again. The chief executive officer of JPMorgan Chase won an auction run at the US weekend to take on most of the assets and liabilities of the failed bank.But this is no act of altruism. Game of chickenAfter what seemed like an extended game of chicken between the Federal Deposit Insurance Corp (FDIC) and private sector banks over the past week or so, this deal only hap...

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