Financial TimesFinancial Times

JPMorgan, Citizens and PNC submit bids for First Republic

By Colby Smith, Brooke Masters, James Politi, Stephen Gandel, James Fontanella-Khan

01 May 2023 · 3 min read

Editor's Note

The U.S. is racing to save First Republic before the bank reopens for business on Monday. Several banks have submitted bids, The FT reports.

US regulators racing to save First Republic are negotiating with at least three large banks that are bidding for all or part of the embattled California lender.

The Federal Deposit Insurance Corporation, which is leading the government effort, received bids from banks including JPMorgan Chase, PNC and Citizens, according to three sources with knowledge of the situation.

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