Finance
First Republic Gets $30 Billion of Fresh Deposits in Bank Rescue
- JPMorgan, BofA, Citi, Wells Fargo among lenders contributing
- Plan shows ‘resilience of the banking system,’ regulators say
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The biggest US banks pledged $30 billion of fresh cash for First Republic Bank to stem the turmoil that has sent depositors fleeing from regional banks and shaken the country’s financial system.
JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. will contribute $5 billion of uninsured deposits each, while Goldman Sachs Group Inc. and Morgan Stanley will kick in $2.5 billion apiece, according to a statement Thursday. Other banks will deposit smaller amounts as part of a plan devised along with US regulators.