First Republic’s advisers are working on a private-sector solution they hope can overcome scepticism in Washington and keep the embattled California bank from being shut down by the Federal Deposit Insurance Corporation.
Three people close to the situation said there had been a shift in tone among the bank’s advisers compared with Tuesday and Wednesday when First Republic’s shares fell 65 per cent and fears grew that it was close to being taken over by the FDIC.
JPMorgan, which has been acting as First Republic’s banker and is the largest US lender, is involved in the conversations, but other large institutions are also likely to participate in some way.
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