Big Banks Create $30 Billion Rescue Package For First Republic
March 16, 2023 2:17PM PDT
NEW YORK (AP) — Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to stop the California-based bank from becoming the third bank to fail in less than a week.
Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone.
For the package, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo would each put $5 billion in uninsured deposits into First Republic.
Meanwhile Morgan Stanley and Goldman Sachs would deposit $2.5 billion each.
The remaining $5 billion would come from five other banks.