First Republic Rescue Proposal Would Convert Deposits to Capital
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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has hatched a new plan to aid First Republic Bank that would convert some or all of the $30 billion in deposits that a group US banks injected into a capital infusion for the struggling California lender, according to people familiar with the situation.
First Republic is looking for ways to bolster its finances after depositors were shaken by the failure of Silicon Valley Bank, according to the people, who asked not to be identified because the talks are private.