FRB drama unfolding.
*FIRST REPUBLIC UPDATE
Sources : First Republic auction underway…A deal is expected to be announced on tonight before Asian open, with the regulator likely to say that it had seized the lender…6 banks (were asked to?) bid…PNC cautiously seen as lead contender as 2 serious rival bidders (JPM, BofA) need US Treas to waive so-called deposit cap (both hold more than 10% of US deposits)
Note to self: quote this message when JPM buys PNC
Hail to JPM!
JPMorgan today announced it has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the FDIC
Sure.
tax payers.
More to come...