JPMorgan CEO Leading Talks For New First Republic Rescue Plan: Report

Monday March 20, 2023.

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

Reuters

Last Updated at March 20, 2023 22:33 IST

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 some or all of the $30 billion of deposits into a capital infusion.

JPMorgan and First Republic declined to comment on the 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".

On Sunday, ratings agency S&P Global downgraded First Republic deeper into junk status, citing persistent risks to the lender's liquidity.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, March 20 2023. 22:33 IST

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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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