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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.
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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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