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First Republic seen drawing bids from JPMorgan and PNC amid report of ‘imminent’ FDIC seizure

The News Trenders

29 Apr, 2023

First Republic Financial institution FRCis mentioned to be drawing bids from lenders JPMorgan Chase & Co. JPM and PNC Monetary Companies Group PNC, based on the Wall Avenue Journal late Friday night time, citing folks acquainted with the matter.

The WSJ report follows one other harrowing day for the San Francisco-based lender that has misplaced practically all of its worth to date this yr after tumbling 43% on Friday, amid stories that the monetary establishment’s situation had deteriorated so considerably as to make a private-sector rescue untenable, with…

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