“The biggest banks in the U.S. are stepping in to save First Republic Bank.
“A group of 11 lenders says they will deposit $30 billion in the beleaguered midsized lender in an effort to prop it up.
“Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo will deposit $5 billion each. Goldman Sachs and Morgan Stanley will deposit $2.5 billion each. An additional $5 billion will come from five other banks.
“The rescue comes after confidence in smaller lenders cratered following the collapse of Silicon Valley Bank and Signature Bank, in what has been an extraordinary week.”
Read more at NPR