U.S. officials are involved in talks to organize a rescue deal for troubled First Republic, whose shares have plummeted this week after it reported an exodus...
The Federal Deposit Insurance Corporation , the Treasury Department and the Federal Reserve are overseeing discussions with banks and private equity to organize a rescue for troubled First Republic Bank.
That’s according to a report by Reuters on Friday that cited sources, one of whom said that private equity groups have also been involved in those meetings to try to keep First Republic FRC afloat as its shares have tumbled anew this week. The Federal Reserve and JPMorgan Chase & Co JPM stepped in during last month’s banking crisis to backstop a run on deposits at the lender, with 11 of the biggest banks in the U.S. also stepping up with a $30 billion deposit.
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