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the united states and around the world, i m christine romans. we begin with breaking news on what s now the second biggest bank failure in u.s. history. most of first republic bank is now being bought by jpmorgan chase in a deal arranged by the federal deposit insurance corporation. the fdic. cnn s clare sebastian live in london for us. clare, this deal announced just a short time ago. all weekend, we ve been waiting for word what would happen to first republic. we knew it couldn t continue as a concern here. fdic would have to step in. and you went to bed thinkiing first republic is your bank, it s now jpmorgan chase, right? yeah, christine, all 84 branches of first republic will reopen this morning as branches of jpmorgan. this is different than silicon valley bank which was taken by regulators and stayed there for more than two weeks. this happenmuch more quickly over the weekend with that auction held on sunday. several banks bid it. it seems they reached that dea ....
Valley bank which was taken by regulators and stayed there for more than two weeks. this happenmuch more quickly over the weekend with that auction held on sunday. several banks bid it. it seems they reached that deal with jpmorgan. this will be the second biggest bank failure in u.s. history. the third bank failure since the beginning of march be but the biggest of three of those, and the biggest overall since the collapse of washington mutual all the way back at the beginning of the financial crisis. the great financial crisis. so the way this deal is structured, it s not your typical commercial acquisition because it came after that auction by the fdic. but jpmorgan will assume all of the deposits, substantially all of the assets of the bank. and it also comes with a sweetener or incentive where jpmorgan will be limited to the loans of first republic. those will be protected and all of those branches will reopen as ....