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First Republic Rebounds From Record Low With Aid Plan in Focus

  • The lender’s shares had fallen about 90% this month to Monday
  • Big banks discussing plan to further stabilize lender
Bloomberg business news
First Republic Rescue May Rely on US Backing to Facilitate Deal
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First Republic Bank surged by a record, leading a broad-based rally in US lenders, amid discussions aimed at offering further support for the beleaguered lender.

The stock jumped 30%, bouncing off the record-low level it closed at Monday, with fellow regional lenders including Western Alliance Bancorp and PacWest Bancorp also staging double-digit moves higher. The KBW Regional Banking Index surged by 4.8% for its biggest gain since January 2021, boosted by a broad rally across the sector.