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JPMorgan’s Jamie Dimon gets a second chance with First Republic buy

JPMorgan's CEO has often expressed regret at past role as saviour, but there is opportunity in latest rescue

'You have a very clean bank, in as clean a way as you can get it'
'You have a very clean bank, in as clean a way as you can get it' Photo: Marco Bello/Getty Images

When it comes to taking on troubled banks, this time may be different for JPMorgan Chase.

The US’s biggest bank has stepped up to acquire the deposits and most of the assets of First Republic Bank, which was closed by the Federal Deposit Insurance Corporation in the early hours of 1 May. The deal has echoes of past rescues by JPMorgan, but may have a happier ending.

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