JPM - JPMorgan's Jamie Dimon leads effort to steady First Republic Bank - report
2023-03-20 12:36:13 ET
- JPMorgan Chase ( JPM ) Chairman and CEO Jamie Dimon is spearheading talks with cheif executives of other large banks to stabilize First Republic Bank ( NYSE: FRC ), the Wall Street Journal reported, citing people familiar with the matter.
- Though still in preliminary talks, the executives are focusing on how the industry can arrange for an investment that would bolster FRC's capital. One of the options being discussed is the banks themselves making an investment in First Republic ( FRC ).
- On Thursday, 11 of the U.S.'s largest banks agreed to deposit a total of $30B at First Republic ( FRC ) in a vote of confidence for the bank. The company's customers have withdrawn ~$70B since the collapse of Silicon Valley Bank over a week ago, the WSJ had earlier reported.
- One option being discussed could be the converision of some or all of the $30B in deposits into a capital infusion, some of the people told the WSJ .
- First Republic ( FRC ) shares dropped 35% in Monday trading. In the past month, the stock has plummeted 82%.
For further details see:
JPMorgan's Jamie Dimon leads effort to steady First Republic Bank - report