First Republic Plunges Anew Amid Elusive Search for Rescue Plan
This article from Bloomberg may be of interest to subscribers. Here is a section:
US officials are coordinating talks to rescue First Republic, with the Federal Deposit Insurance Corp., the Treasury Department and Federal Reserve orchestrating meetings about throwing a lifeline, Reuters reported, citing unidentified people.
But some of the biggest US banks, which have already contributed $30 billion in deposits to prop up First Republic, have balked at getting more involved and potentially throwing good money after bad, Bloomberg News reported.
The focus has shifted to a US takeover, according to CNBC. For its part, First Republic has acknowledged it’s engaged in discussions with multiple parties about strategic options.
It is very likely today is First Republic’s last day of active trading. Trading was halted on several occasions today as the stock plunged anew. By the end of the weekend a deal will have been completed for a large bank like JPMorgan to take it over.
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