The US could face economic turmoil if more banks face collapse, some of the world’s leading money managers have warned.

The caution followed the failure of First Republic, the second-largest banking failure in US history, and the third bank to collapse in the country since March.

JP Morgan Chase took over First Republic in a deal brokered by regulators – but there is a warning that the US could face a credit crunch and an economic slowdown, and at a crucial time, if another bank fails.

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