JPMorgan Chase wins auction for First Republic bank in biggest U.S. bank failure since 2008 crisis

Regulators have seized control of First Republic, marking the third US bank failure since March. JPMorgan Chase emerged as the winning bidder for the ailing bank, taking all of its deposits and a “substantial majority of assets”. This seizure is the largest bank failure since 2008 when Washington Mutual collapsed, with JPMorgan also taking the…