JPMorgan, and PNC Financial Services are among the large U.S. banks preparing a bid for embattled First Republic Bank, in a process the FDIC hopes to finalize over the weekend, according to sources familiar with the matter.
Why it matters: The scramble to both stabilize and find an owner for First Republic highlights the deep concern around the collapse of yet another U.S. bank, and the need to calm investors around the globe before Monday's market open.
