First Republic Bank rescue plan spearheaded by Jamie Dimon.

1 min read
Source: Fox Business
First Republic Bank rescue plan spearheaded by Jamie Dimon.
Photo: Fox Business
TL;DR

JPMorgan CEO Jamie Dimon is leading talks with other big banks to stabilize First Republic Bank, which is facing mounting investor pressure after a $30 billion deposit from 11 of the nation's biggest banks. Options being considered include direct investment, sale, or outside capital injection. First Republic's shares plummeted about 47% during trading on Monday, leading losses among regional banks, and S&P cut the bank's credit rating three notches to B+. Federal regulators have praised the move by the banks to rescue First Republic amid fears of a broader financial crisis.

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