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.
Where is our democrat Attorney General, Merrick Garland, in all of this???
I didn’t realize it was bank collapse season already. I still have my train derailment decorations up!
That’s right.