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First Republic Bank

First Republic Bank: The Second Largest Crash In US History

May 4, 2023 People's Dispatch. , , ,
On International Workers’ Day, the First Republic Bank became the second largest bank to fail in US history. The USD 233 billion institution was seized by the government and sold to banking behemoth JPMorgan Chase. First Republic is the third bank to fail in the US since March, surpassing the spectacular failure of Silicon Valley Bank (SVB) on March 10. SVB’s depositors were bailed out by the US government to the tune of USD 151 billion. Up until May 1, SVB had been the second largest bank failure in the history of the country. Capitalists in the United States did not predict that this title would be usurped less than two months later.

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