First Republic Bank's failure and what JPMorgan’s deal means, explained

JPMorgan Chase & Co will buy First Republic Bank after its was taken over by regulators, making the troubled regional lender the third major U.S. institution to fail since March this year. The biggest U.S. bank will get even bigger as a result of the deal for most of First Republic’s assets. It will pay $10.6 billion to the U.S. Federal Deposit Insurance Corp (FDIC) as part of the deal. But, why First Republic Bank failed and what JP Morgan’s deal means? ET NOW’s Vikram Oza explains, watch!