Jamie Dimon says JPMorgan rescued First Republic because the government asked his bank 'to step up, and we did'

• Jamie Dimon says JPMorgan bought First Republic after the US government asked it to "step up."
• The bank picked up most of First Republic's assets, including about $92 billion in deposits.
• First Republic was taken over by regulators days after revealing the extent of its run on deposits.

Jamie Dimon said JPMorgan's acquisition of First Republic came after the US government asked the bank to "step up" in a deal that will "modestly" benefit America's biggest bank.