Mr Cooper Group Inc (COOP)

[t1215s]

Good morning people, FYI. JPMorgan will assume all deposits held by First Republic Bank after the troubled lender was taken over by US regulators. The resolution came after the weekend’s emergency auction, where banks including JPMorgan, PNC Financial Services and Citizens Financial were asked to submit offers. Also invited were Bank of America and US Bancorp — but both decided against bidding. JPMorgan, the country’s largest bank, had the advantage of what Chief Executive Officer Jamie Dimon calls its fortress balance sheet heading into the government-led attempt to sell First Republic.
Complete story below

https://www.bloomberg.com/news/articles/2023-05-01/first-republic-seized-by-regulators-will-be-sold-to-jpmorgan?cmpid=BBD050123_MKT&utm_medium=email&utm_source=newsletter&utm_term=230501&utm_campaign=markets


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