![]() President Biden also welcomed the takeover during a speech on small business on Monday afternoon. The First Republic name and its logo - a swooping eagle with its wings in a V-shaped formation - will be phased out, and the bank’s branches will become JPMorgan Chase outlets. The stocks of PNC Financial Services and Citizens Financial Group - two regional banks that lost out on a bid for First Republic - each traded down more than 5 percent.įirst Republic’s shareholders and debt holders will be wiped out in this deal, a typical occurrence when a bank is put in government receivership. Investors welcomed JPMorgan’s takeover, sending the bank’s stock 3.5 percent higher Monday. ![]() ![]() ![]() “For now we should all just take a deep breath.” “This part of the crisis is over,” Jamie Dimon, JPMorgan’s chief executive, said on a conference call Monday. ![]()
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