JPMorgan Chase & Co JPM:NYSE

First Republic Bank (FRC) tapped Lazard (LAZ) to help review strategic options for the troubled lender after the failure of two other banks had spooked its depositors, the Wall Street Journal reported, citing people familiar with the matter.

Lazard, along with JPMorgan (JPM), will help First Republic review possible options to help the bank regain its footing, the report said, which could include a sale, capital infusion, or asset trimming. Consulting firm McKinsey & Co. was also hired to help map out a postcrisis structure for the California bank, according to the report.

Shares of First Republic were down 6%, Lazard up by 1.51%, and JPMorgan up 0.46% in Wednesday's premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 14.84, Change: -0.93, Percent Change: -5.9