First Republic bounces back amid talks led by JP Morgan's Dimon for new rescue plan

Shares of First Republic Bank were bouncing back following reports that US bank chiefs were in discussions over a new rescue plan to stabilise the lender.

The talks, first reported by The Wall Street Journal, were said to be at a preliminary stage and to revolve around an investment to boost the lender's capital.

As of 1357 GMT, its shares were ahead by 31.40% to $16.07, having plummeted by 47% the day before.