JP Morgan to Acquire First Republic’s Assets in Multi-Billion Dollar Deal

According to collect BloombergJP Morgan will take over First Republic’s assets, including about $173 billion in loans and 30,000 million in securities, as well as 92,000 million in deposits.

JP Morgan and the Federal Deposit Insurance Corporation (FIDC) have agreed to share the burden of losses as well as recoveries on the company’s single-family and commercial loans, the agency said in a statement Monday. .

“Our government invited us and others to step forward, and we did,” JP Morgan CEO Jamie Dimon said in a statement, according to this outlet. “Our financial strength, capabilities and business model allowed us to develop an offer to execute the transaction in a way that minimizes costs to the Deposit Guarantee Fund.”