What is happening with First Republic and what has the US government asked JPMorgan and PNC to do?

Good question.

The US government has asked several financial groups, including JPMorgan and PNC, to bid for all or part of First Republic, as regulators try to determine the cost to taxpayers of taking over the struggling California lender. The FDIC has asked roughly a dozen banks to tell them what they would be willing to pay for First Republic’s deposits and assets, and what level of losses the FDIC would have to absorb to get the deal done.

Potential bidders have been given digital access to a data room with extensive information on First Republic’s loans and other assets, with a Sunday deadline to submit binding bids. If First Republic is taken over by the FDIC, it would rank among the biggest bank failures in US history.

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