When US officials announced on Monday they had found a buyer for First Republic, the second largest bank failure in American history, the successful bidder’s identity was for many in finance a foregone conclusion.
Though more than a dozen institutions looked at First Republic’s assets, and four banks bid and rebid repeatedly last weekend, in the end the winner was JPMorgan Chase.
During the 2008 financial crisis, America’s largest bank was the saviour of choice for failing investment bank Bear Stearns and bankrupt mortgage lender Washington Mutual, the biggest ever bank failure.
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