tldrdailynews.com logo

First Republic Bank's Recovery Plan Led by JPMorgan CEO Dimon.

1 min read
Source: Seeking Alpha
First Republic Bank's Recovery Plan Led by JPMorgan CEO Dimon.
Photo: Seeking Alpha
TL;DR

First Republic Bank's stock has rebounded by 21% in premarket trading after JPMorgan proposed an aid plan to stabilize the troubled lender. The plan involves converting some or all of the bank's $30B in deposits into a capital infusion. The rebound comes after a series of downgrades by S&P citing "substantial long-term challenges for the business," which caused the stock to close at a record low level of $12.18 on Monday.

Topics:businessfinance#capital-infusion#downgrades#finance#first-republic-bank#jpmorgan#stock-market
Share this article
  1. First Republic recovers from record low on new rescue plan (NYSE:FRC)  Seeking Alpha
  2. JPMorgan CEO Jamie Dimon Leading Efforts to Craft New First Republic Bank Rescue Plan - WSJ  The Wall Street Journal
  3. JPMorgan advises First Republic on strategic alternatives, including capital raise  CNBC Television
  4. Pressure grows on another US bank amid controversy over Credit Suisse takeover  WSWS
  5. First Republic bailout from banks ‘may not be enough’ to keep it in good standing: Analyst  Yahoo Finance

Want the full story? Read the original reporting

Read on Seeking Alpha