11 Banks to Deposit $30 Billion Into First Republic

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First Republic Bank has received $30 billion in deposits from several big banks, the banks said in a statement today, as part of a rescue package for the lender, Reuters reports. JPMorgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley and others are involved in the rescue, according to the statement.

A round of financing on Sunday raised through JPMorgan Chase & Co, gave First Republic access to a total of $70 billion in funds, but failed to calm investors as worries of a contagion deepened in the wake of two large-scale collapses in the banking industry.

About 70% of its deposits are uninsured, above the median of 55% for medium-sized banks and the third highest in the group after Silicon Valley Bank and Signature Bank, according to a Bank of America note.



  1. I didn’t realize it was bank collapse season already. I still have my train derailment decorations up!


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