Wall Street banks launch $30bn rescue of First Republic to stave crisis

Eleven banks involved

A group of major US banks have collaborated to deposit $30bn into First Republic Bank, in an attempt to shore up its finances and stem the fallout amid the wider US regional banking turmoil.

JP Morgan Chase, Bank of America, Citigroup and Wells Fargo will each deposit $5bn into First Republic; Goldman Sachs and Morgan Stanley will put in $2.5bn apiece while BNY Mellon, PNC Bank, State Street, Truist and US Bank are depositing $1bn each. In a combined statement, the banks said the actions "by the largest US banks reflects their confidence in the country's banking system and helps ensure First Republic has the liquidity to continue serving its customers". US regional banks face challenging future in the aftermath of SVB blowup It added it "demonstrates the overall commit...