In the third bank failure since March and the second largest bank failure in U.S. history, First Republic’s assets have been seized and auctioned. JPMorgan emerged the winner of the bank bidding, taking on about $92 billion in deposits, $173 billion in loans, and $30 billion in securities. CNBC’s Leslie Picker reports the details of the deal and the failure, and former NEC Director Gary Cohn joins former SEC Chairman Jay Clayton to discuss what happened and what’s next for the U.S. financial system. Plus, antiwork sentiment is rising. Chief scientist of workplace culture at Culture Partners Jessica Kriegel explains “quit-tok” trends and mass layoffs across industries.
In this episode:
Gary Cohn, @Gary_D_Cohn
Jessica Kriegel, @jessica_kriegel
Leslie Picker, @LesliePicker
Joe Kernen, @JoeSquawk
Becky Quick, @BeckyQuick
Andrew Ross Sorkin, @andrewrsorkin
Katie Kramer, @Kramer_Katie
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