A former regulator credited with stabilising the US banking system during the 1980s crisis has hit out at the decision to sell First Republic to JPMorgan Chase as he warned of “more problems” to come for regional lenders.
After San Francisco-based First Republic suffered a $100bn deposit run, the Federal Deposit Insurance Corporation solicited bids from multiple banks before selling most of the assets to JPMorgan, the largest bank in the US, for $10.6bn on Monday. The regulator said it had tried to minimise losses to the deposit insurance fund, which will come to $13bn under the deal.
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