Wall Street bank chief executives are trying to come up with a new plan for First Republic after a $30bn lifeline failed to arrest a sharp sell-off in the lender’s shares.
The executives will discuss if anything more can be done for the California-based lender on the sidelines of a pre-planned gathering in Washington on Tuesday, which is being organised by the Financial Services Forum, one of the main industry lobby groups, said people familiar with the matter.
Shares of First Republic, which have fallen almost 90 per cent this month, closed down 47 per cent on Monday despite an attempt by 11 banks to stabilise the lender by depositing $30bn last week.
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