: JPMorgan Chase CEO and Treasury Secretary Janet Yellen sparked $30 bln bank injection into First Republic: Reports

JPMorgan Chase & Co. JPM CEO Jamie Dimon and Treasury Secretary Jamie Dimon hatched the $30 billion, 11-bank plan to inject deposits into First Republic Bank FRC 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.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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