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First Republic seizure: What does the latest US bank failure mean for Canadians?

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After weeks of trouble and a $30-billion lifeline in mid-March from America's biggest banks, U.S. regulators took over First Republic. Its assets are being sold to JP Morgan Chase, America's biggest bank.

The bank was seized by American regulators on Friday, and news of its sale to JP Morgan was announced Monday morning. The San Francisco-based bank became the third to fail in the U.S. in two months.

Customers saw 84 branches across eight states reopen on Monday under the new name after regulators worked all weekend to get the deal done. This is now the second-largest bank failure in U.S. history.

Global News' Anne Gaviola has more on what this latest bank failure means for Canadians.

For more info, please go to https://globalnews.ca/news/9663913/first-republic-collapse-us-fed/

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Category
News and politics
Tags
global news, economy, bank

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