First Republic: JP Morgan to take over major US bank

JP Morgan is set to take over the troubled US bank First Republic, according to regulators.

The Federal Deposit Insurance Corporation (FDIC) confirmed in a statement that First Republic had collapsed on Monday.

Investment banking giant JP Morgan will now take on "all of the deposits and substantially all of the assets of First Republic Bank".

First Republic is the third major US bank to collapse in recent months.

The San Francisco-based lender's shares fell by more than 75% last week after it revealed that customers had withdrawn $100bn (£79.6bn) of deposits in March.

Also in March, the collapse of Silicon Valley Bank prompted fears of a wider banking crisis.