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MarketWatch MarketPulseMar 21, 2023
: First Republic shares jump 20% in premarket trading after reports of JPMorgan efforts to help shore it up
Shares of First Republic Bank FRC climbed 20% in premarket trading on Tuesday, amid reports that JPMorgan Chase & Co. JPM was working to help bolster the bank. The bank's shares fell to an all-time low of $12.18, a drop of 47%, on Monday as investors questioned its balance sheet and financial health. The slide came despite a report in The Wall Street Journal on Monday that JPMorgan CEO Jamie Dimon was working to raise more support for the bank. That's after he helped orchestrate a $30 billion-deposit infusion last week. After Monday's close CNBC reported JPMorgan was advising First Republic on strategic alternatives that included a capital raise or sale. Also, investors were mulling reports that the U.S. Treasury is considering unlimited deposit guarantees if the current crisis hitting the banking sector continues.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

NPR Topics: BusinessMar 20, 2023
First Republic Bank shares sink to another record low, but stock markets are calmer
Shares in the midsized lender continued to tumble as fears grow about First Republic's financial health grow even after it received a $30 billion lifeline from its bigger rivals last week.
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