White House: First Republic was 'severely mismanaged'

Decisive actions taken by U.S. regulators to seize First Republic Bank and facilitate its takeover by JPMorgan Chase & Co will protect depositors and ensure the banking system stays stable, White House press secretary Karine Jean-Pierre said on Monday.

Jean-Pierre told reporters that the actions taken by U.S. regulators would also ensure that First Republic, which she said was "severely mismanaged," would be held accountable.