First Republic Bank Sold to J.P. Morgan Chase

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J.P. Morgan Chase said on Monday it will buy most of First Republic Bank’s assets after regulators seized the lender over the weekend, the third failure of a major U.S. bank in two months.  First Republic revealed last week that it had suffered more than $100 billion in outflows in the first quarter.  Global banking has been shaken by the closure of Silicon Valley Bank and Signature Bank in March, while Switzerland’s Credit Suisse had to be rescued by rival UBS.  First Republic shares plummeted 43.3% in premarket trading on Monday before they were stopped. The bank’s stock has lost 97% of its value this year. J.P. Morgan shares rose 2.7%.