The biggest banks in the U.S. swooped in to rescue First Republic Bank FRC 9.98%increase; green up pointing triangle with a flood of cash totaling $30 billion, in an effort to stop a spreading panic following a pair of recent bank failures.
The bank’s executives came together in recent days to formulate the plan, discussing it with Treasury Secretary Janet Yellen and other officials and regulators in Washington, D.C., people familiar with the matter said.
JPMorgan Chase JPM 1.94%increase; green up pointing triangle & Co., Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. are each making a $5 billion uninsured deposit into First Republic, the banks said in a statement, confirming an earlier report by The Wall Street Journal. Morgan Stanley and Goldman Sachs Group Inc. are kicking in $2.5 billion apiece, while five other banks are contributing $1 billion each.
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