HINDUSTANVIEW.COM
The USA's biggest banks are moving in to save First Republic Bank.
HINDUSTANVIEW.COM
In a move to save the struggling midsized lender, a group of 11 lenders has announced a $30 billion deposit.
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Each bank will put $5 billion, including Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo.
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Morgan Stanley and Goldman Sachs will each put $2.5 billion. Five extra banks will contribute an additional $5 billion.
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The rescue comes after trust in smaller lenders dropped following the failures of Silicon Valley Bank and Signature Bank earlier this week.
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First Republic's stock dropped more than 60% on Monday, despite the bank's declaration that it had secured extra funding from JPMorgan and the Federal Reserve.
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Since the failures of those two banks, First Republic has seen an exodus of depositors as many of its customers moved their money to bigger competitors.
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The banking regulators of the country also released a statement in favor of the bank rescue package.