JPMorgan takes over First Republic Bank: Central Government Management of Finance Capital is an objective move toward socialism caused by the objective laws of capitalist development

JPMorgan takes over First Republic Bank JPMorgan Chase acquired most of First Republic’s deposits and assets for $10.6bn on Monday after the troubled lender was closed by the Federal Deposit Insurance Corporation. The bank’s collapse marks the third failure in the past two months, after Silicon Valley Bank and Signature Bank imploded in March. The seizure of First Republic was widely anticipated after customers withdrew $100bn in deposits during the banking sector turmoil in March, news of which caused a 75% slump in its shares last week. JPMorgan is acquiring $173bn in loans from First Republic, and approximately $30bn of securities, but will not assume its corporate debt or preferred stock. U.S. President Joe Biden on Monday hailed the deal for protecting depositors without making taxpayers foot the bill. He repeated his call for stronger bank regulation and supervision. "These actions are going to make sure that the banking system is safe and sound," Mr. Biden told an event at the White House. "Critically, taxpayers are not the ones that are on hook."