Is There a Banking Crisis in the U.S.?
On Monday, JP Morgan Chase, the nation’s largest bank, became even bigger after it bought First Republic Bank, a San Francisco-based regional bank. The Federal Deposit Insurance Corporation (FDIC) brokered the sale after it was revealed that First Republic had lost $100 billion in deposits.
It’s the second bank to face collapse this year after Silicon Valley bank folded in March, sparking fears that more regional banks will follow.
Economists point out that consumer spending is finally slowing down as inflation remains high and as tech and media industries are cutting tens of thousands of jobs.
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