First Republic Bank will be taken over by JPMorgan after being seized by regulators,

As for today’s big story, we’re zooming in on a dilemma many of us have faced over the last three years: video-chat etiquette is tough to figure out. But now, scientists say they’ve cracked the code — and Insider’s Adam Rogers is breaking down the findings for us.

What else we’re covering today:

• First Republic is now the second-largest bank failure in US history.
• The 11 neighborhoods that Zillow users are most obsessed with.
• What it’s really like inside the Met Gala.

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First Republic, Jack Ma, & more

• First Republic Bank will be taken over by JPMorgan after being seized by regulators, marking the third regional bank to fail since March — and the second-biggest bank collapse in US history. Read more.
• Jack Ma has taken up a teaching role in Japan. The billionaire co-founder of Alibaba had disappeared from public life in 2020. More here.
• Gov. Greg Abbott prompts swift rebukes after calling Texas mass shooting victims “illegal immigrants” in a statement offering condolences to their loved ones. What to know.

Zoom tricks

But researchers just created the largest-ever database of how we interact on video chat, examining more than 1,600 conversations. Here’s what they found:

• “Good conversationalists” on Zoom are those who talk faster, louder, and more intensely.
• Nodding is key: Better-rated conversationalists nodded “yes” 4% more often and shook their heads “no” 3% more often than lower-rated ones.
• Highly-rated conversationalists changed subjects and brought up new ideas more often than the poorly-rated conversationalists.

Dimon, Zillow, & more

• 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. More from the JPMorgan CEO’s comments here.
• Zillow users are most obsessed with 11 neighborhoods scattered across the South and West. HouseFresh discovered that Zillow scrollers are most interested in spots like Northeast Dallas, where the typical home value is $438,340, and the Hollywood Hills in Los Angeles, a neighborhood with a median home value of $1,976,858. See the full list.
• America’s broken housing market is making millennials and Gen Z lonelier. While the most commonly cited culprit for millennial and Gen Z loneliness is social media, it turns out our homes and the layouts of our cities or suburbs could also be having a major impact. More on that here.
• Meet basic business. More airlines are selling a cheaper business class where you’ll get a comfy lie-flat seat — though the fare does not include perks like lounge access, seat selection before check-in, or refunds. Find out more.
• Top economists are predicting a tumultuous few months ahead. A painful credit squeeze and crash in the commercial real-estate market could lead to rough waters. David Rosenberg, for one, predicted the US will tip into a recession by September. See more predictions here.
• A seafood restaurant in Barcelona was shocked when Obama, Spielberg, and Springsteen came to dinner. The famous Spanish-American chef José Andrés called the chef of the Amar Barcelona restaurant to warn him that a very important party would be coming for dinner. Turns out, it was the famous trio. Read the full story.
• The private-equity firm Carlyle has a secret weapon for training its top leaders. It’s a four-star Navy admiral who led thousands of sailors into battle and captured cocaine-filled cartel submarines. Read on for how he applies the lessons learned on the battlefield to a different kind of war zone – Wall Street.
• Wondering how to make long-haul travels fly by? Our reporter recently spent 57 hours on Amtrak trains during a 2,000-mile journey and said that a few things were crucial to help pass the time, including pre-downloaded TV shows, and a good book. More here.

Inside the Met Gala

True Cost

Meghan Markle and Prince Harry have quit, and Prince Andrew has courted controversy, yet the British royal family remains one of the richest monarchies. They also cost UK taxpayers about £300M every year, but they may bring in far more through tourism and business. Are they value for money? Watch to find out.

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