Katherine Doherty

If no agreement is reached, regulators would have the option of seizing First Republic and taking ownership of the bank.

The FDIC asked banks including JPMorgan, PNC and Citizens Financial to submit offers, sources said. BofA and US Bancorp decided against bidding.

Hours after JPMorgan Chase & Co. agreed to buy First Republic Inc., attendees of the Milken Institute Global Conference in California started the day huddled under a covered pavilion as rain leaked in.

Citadel Securities Chief Executive Officer Peng Zhao said he sees automation and artificial intelligence freeing workers for innovative pursuits, not replacing people in the workplace.

That hasn’t stopped private equity firms from working the room.

Bonus season on Wall Street is projected to be a tale of two cities, with bankers at regional US lenders hurt by smaller incentive pools while year-end compensation at larger firms is expected to rise by double digits.

In der Bonussaison an der Wall Street dürfte es in diesem Jahr eine deutliche Aufteilung in Gewinner und Verlierer geben. Profiteure werden eher bei den größeren Instituten zu finden sein.

Jane Street Group and Jump Crypto — two of the world’s top market-making firms — are pulling back from trading digital assets in the US as regulators crack down on the industry.

Up and down Wall Street, teams are huddling inside banks and gauging the risks to themselves, their clients and markets if US lawmakers fail to raise the debt ceiling. Their message to the Biden administration and Congress: Get it done — now.

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