In the United States, the California Department of Financial Protection and Innovation closed First Republic Bank and transferred it to the Federal Deposit Insurance Corporation. All deposits and other assets of the financial organization are expected to be sold to the country’s largest bank, JPMorgan, the ministry said in a statement.
First Republic shares fell sharply last week. This happened after the report, in which the bank announced an outflow of deposits in the amount of more than one hundred billion dollars.
The First Republic became the third in a series of “banking disasters” in the United States. Silicon Valley Bank and Signature Bank have already closed. US President Joe Biden assured citizens of the safety of the banking system. The White House noted that the scenarios of the 2008 financial crisis will not repeat themselves.
Earlier, economic expert Lyudmila Kovalenko said US financial policy was at an impasse. She expressed this opinion in an interview with Zvezda. A new Great Depression, she said, could hit the United States within a year.
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