JPMorgan Chase & Co. JPM, +1.94% CEO Jamie Dimon and Treasury Secretary Jamie Dimon hatched the $30 billion, 11-bank plan to inject deposits into First Republic Bank FRC, +9.98% in a phone call on Tuesday, according to reports in The Wall Street Journal and other publications. The move is seen as an “extraordinary effort to stave off financial contagion”, as The New York Times reported. First Republic stock is down 11% in premarket trades.
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