San Francisco-based First Republic is the third midsize bank to fail in two months. The only larger bank failure was Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan.
. The bank catered to wealthy clients and had taken on a large amount of uninsured deposits — that is, deposits above the $250,000 limit set by the FDIC.
The $30 billion package “bought time when time was needed” for First Republic, said Jeremy Barnum, JPMorgan’s chief financial officer, in a call with reporters. Once again JPMorgan Chase, the nation’s biggest bank with a reputation as a dealmaker during times of crisis, became the government's go-to bank. Treasury officials had enlisted JPMorgan last month to lead the $30 billion rescue package. Back in 2008, Dimon was the go-to banker for Washington to find private solutions for that banking crisis and JPMorgan acquired both Bear Stearns and Washington Mutual.
There could also now be questions about the size of JPMorgan Chase, which has more than $3 trillion in assets and is by far the biggest of the “too big to fail” institutions around the world.
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