Major bank chief executives are gathering in Washington for a two-day scheduled meeting starting on Tuesday, with the future of First Republic Bank to be discussed, sources familiar with the matter said.
A sign is posted on the exterior of a First Republic Bank office on March 16, 2023 in San Francisco, California.Major bank chief executives are gathering in Washington for a two-day scheduled meeting starting on Tuesday, with the future ofThe quarterly meeting of the Financial Services Forum will includeLarge U.S.
First Republic Bank is among the banks that have been speaking to peers and investment firms about potential deals in the wake of U.S. regulators taking over Silicon Valley Bank andpreviously said that all options are on the tableJPMorgan Chase & Co is advising First Republic on its options to raise capital from investors, a source familiar with the situation previously said.
One source familiar with the situation said that the banks were aiming to work out details for what needs to be done for First Republic within the coming 24 hours.Shares of First Republic jumped 55% on Tuesday. In a boost to sentiment, U.S. Treasury Secretary Janet Yellen said that while the U.S. banking system is stabilizing, further steps to protect bank depositors may be warranted if smaller institutions suffer deposit runs.
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