All articles tagged with #rescue talks
First Republic Bank's stock rose by 8% premarket after reports emerged that U.S. officials are in talks with banks and private equity firms to rescue the struggling regional lender. Meanwhile, Amazon's shares fell due to a cloud forecast. These were some of the biggest stock movers on Friday.
US officials are leading urgent talks to rescue First Republic Bank as private-sector efforts have yet to reach a deal. The government's involvement is helping bring more parties, including banks and private equity firms, to the negotiating table. It is unclear whether the US government is considering participating in a private-sector rescue of First Republic. First Republic became the epicenter of the US regional banking crisis in March after wealthy clients withdrew deposits. Discussions for a deal took on new urgency this week after First Republic revealed it had deposit outflows of more than $100 billion in the first quarter.
First Republic Bank's stock rose 16% after reports that JPMorgan Chase CEO Jamie Dimon was leading talks to stabilize the struggling regional bank. The stock is still down nearly 90% in March.