JPMorgan Chase & Co. JPM, +0.57% CEO Jamie Dimon is working to raise additional capital for First Republic Bank FRC, -31.50%, The Wall Street Journal reported at midday. Citing sources familiar with the situation, the WSJ said Dimon is leading banks in a fresh campaign to shore up First Republic Bank. Eleven banks last week placed $30 billion in deposits with First Republic, but the bank still reported lower deposits late Thursday. Discussions are underway to find ways to convert the $30 billion in deposits into a capital raise, the report said. First Republic stock was paused for trade after losing 37% of its value after S&P downgraded the company’s debt to B+ over the weekend for the second time in less than a week.
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