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“Eleven of the nation’s largest banks announced Thursday that they would deposit a total of $30 billion into First Republic Bank, as Wall Street and U.S. officials staged an emergency intervention aimed at quelling tremors in the financial sector,” the Washington Post reports.
“Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced infusions of $5 billion each for First Republic, while Goldman Sachs and Morgan Stanley will each deposit $2.5 billion. The Wall Street move, which was coordinated in part by Biden administration officials, is aimed at stabilizing First Republic and sending a signal to depositors and global markets that the U.S. financial system is secure despite the failures last week of Silicon Valley Bank and Signature Bank.”
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