FDIC prepares to place First Republic under receivership 

Reuters was the first to report that a U.S. banking regulator was preparing to put regional lender First Republic Bank in receivership, marking the second largest U.S. bank failure of all time and the biggest since the 2008 financial crisis. First Republic shares dropped as much as 58% in after-market trading on Friday after the news. The U.S. Federal Deposit Insurance Corporation placed First Republic in receivership on Monday and sold a substantial majority of its assets to JPMorgan Chase.