First Republic Dives 47% to Record Low on Downgrade, Bank Talks
- S&P Global lowered credit rating for second time in a week
- Prospective rescue appeared to offer little relief for traders
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First Republic Bank’s shares tumbled 47% to an all-time low after S&P Global lowered its credit rating for the second time in a week and as executives from major banks discussed fresh efforts to stabilize the lender.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon was leading the plan to have banks convert some or all of the $30 billion they deposited last week with First Republic into a capital infusion, according to people familiar with the matter.