First Republic Bank's Recovery Plan Led by JPMorgan CEO Dimon.
TL;DR Summary
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.
- First Republic recovers from record low on new rescue plan (NYSE:FRC) Seeking Alpha
- JPMorgan CEO Jamie Dimon Leading Efforts to Craft New First Republic Bank Rescue Plan - WSJ The Wall Street Journal
- JPMorgan advises First Republic on strategic alternatives, including capital raise CNBC Television
- Pressure grows on another US bank amid controversy over Credit Suisse takeover WSWS
- First Republic bailout from banks ‘may not be enough’ to keep it in good standing: Analyst Yahoo Finance
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