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 deal with
Taking out the champion in colorado. a win, the first team to win the first playoff series against the cup champ. that s kraken hockey, baby. another game seven tonight, devils host the rangers in jersey. winner gets carolina in round two. christine, between them and the knicks, we have all kinds of playoff love going on in new york. sure do. thanks, coy. coming up on cnn this morning, most of first republic bank just sold to jpmorgan chase. is that enough to stave off more banking stress. and hustlers, how some use ai to hold down momore than one full-time job. 1 gram of sugar and nutrients for immune health. you were always so dedicated. we worked hard to build up the shop,
Disappointing first quarter earnings report last monday. and now, jpmorgan chase will acquire most of first republic. that happened overnight. the fdic is closing the bank and selling off $93 billion of its deposits and most of the assets to jpmorgan. looking at markets around the world, all european markets and most asian markets are closed for the may day bank holiday. on wall street, stock index futures are barely mixed. markets are coming off a winning week and winning month to kick off the start of may. in april the dow gained 2.5% its best since january. while the s&p finished up one quarter percent. first quarter reports, uber and apple set to report. inflation gas prices held steady overnight, $3.61 a gallon. this is a significant week. we ve got data on job openings, the fed has a policy meeting, expected to raise interest rates and friday that critical april jobs report.
Branches of jpmorgan, this of course, coming six weeks after the collapse of silicon valley bank. all of that coming to a head in the past week after a report that show the sheer scale of deposits from the bank in the first quarter. and that report on friday from the cnbc which said it s likely to be heading to receivership. and then in the end, what happened to all of the crisis of confidence that we continue to see in the banking sector. yeah. we wonder if this is the end of that crisis of confidence or whether it stirs new concerns. one thing that i know banks have been concerned about and regulators, quite frankly, over the last 2 1/2 months is the appearance of tax bailout. the fdic says it will take a $13 billion hit to insurance fund. that money is paid by bank fees, am i right? yeah, that s essentially, i always think of it like a sinking fund. they pay into it in the event
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