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JPMorgan CEO leading talks for new First Republic rescue plan: Report

A spokesperson for First Republic pointed to an earlier statement where the bank said it was "well-positioned to manage short-term deposit activity"

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Reuters
by Niket Nishant in Bengaluru; Editing by Devika Syamnath

JPMorgan Chase & Co CEO Jamie Dimon is leading talks with the chiefs of other big banks about fresh efforts to stabilize First Republic Bank, the Wall Street Journal reported on Monday, citing people familiar with the matter.
 
Shares of First Republic fell 46% to $12.41 as investors fretted that the $30 billion deposited by several big U.S. banks into the lender would not be enough to ease its troubles.
 
The banks are considering an investment into First Republic, the WSJ report said, adding that the plan could involve converting

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First Published: Mar 20 2023 | 10:33 PM IST

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