US regulators want final takeover offers for First Republic by Sunday to bring stability to the market and reduce uncertainty for regional lenders. JPMorgan Chase and PNC are expected to bid for the ailing lender, which would be seized and promptly sold to the winner. The Wall Street Journal reported both banks’ interest on Friday. CNBC’s sources also suggest that Bank of America and other firms are considering bids. Other companies may also express interest.
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Summary
Article Name
JPMorgan Chase, Bank of America seek final bids for First Republic
Description
US regulators want final takeover offers for First Republic by Sunday to bring stability to the market and reduce uncertainty for regional lenders.
Author
Susan Jane
Publisher Name
CNBC
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