First Republic may rely on US backing to facilitate deal – Bloomberg News

According to Bloomberg News, discussions between US officials and Wall Street CEOs regarding a deal for First Republic Bank may involve government backing to encourage potential buyers. The report states that the government could assist in removing assets that have affected First Republic Bank’s balance sheet, as per sources familiar with the matter.

The proposal also includes other ideas such as offering liability protection, applied capital rules flexibility, and increased ownership stake limits. Following the news, the troubled bank’s stock dropped by roughly 18% in trading after-hours. Reuters reported that First Republic Bank did not respond immediately to a request for comment.

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