WSJ: JPMorgan’s Dimon leading efforts to craft a rescue plan for First Republic | Forexlive

JPMorgan CEO Jamie Dimon is leading discussions with other CEOs of other large banks about fresh efforts to stabilize First Republic Bank.

Preliminary discussions have been focused on ways that the banks can boost the beleaguered banks capital. Also in play is a potential investment by the banks themselves.

Recall that last week 11 banks deposited $30 billion in First Republic in an effort to boost confidence. Overall some $70 billion of withdrawals occurred last week. According to the Wall Street Journal one of the plans is the banks convert some or all of the $30 billion of deposits into a capital infusion.

Shares of First Republic have plummeted today to a low of $11.54. Shares are currently trading at $12.71 down $10.32 or -44.81%.