Regional banks in the US stock market on the 21stFirst Republic Bank rebounds sharply. On the previous day, the stock closed at the lowest price since the IPO. JPMorgan Chase & Co. has been well-received for offering a new plan to help the First Republic.
First Republic shares soared nearly 60% at one point.in the same industryWestern Alliance Bancorp andPacwest and Bancorp also rose. The KBW regional bank index rose 5.5% at one point.
JPMorgan Chief Executive Jamie Dimon has put forward a new plan to help First Republic, Bloomberg News reported yesterday, citing people familiar with the matter. Some or all of the $30 billion (about 4 trillion yen) in deposits made by major banks to the bank will be converted into capital injections.
Deposits to First Republic in Talks to Convert to Capital Injection – Officials
“This could lead to a much-needed boost in stability, another vote of confidence in a bank embroiled in turmoil,” Bloomberg Intelligence analyst Herman Chan said.
First Republic Bank stock price
Source: Bloomberg
news-rsf-original-reference paywall">Original title:First Republic Bounces Off Record Low as Regional Banks Rise (3)(excerpt)
