Wall Street banks put up $30bn in deposits to rescue First Republic
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Wall Street banks put up $30bn in deposits to rescue First Republic

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A group of lenders including Bank of America, Citigroup, JP Morgan Chase, Wells Fargo, Goldman Sachs and Morgan Stanley have provided uninsured deposits of $30bn to support First Republic Bank, in a bid to stave off contagion from Silicon Valley Bank’s collapse.

In a statement issued on the rescue bid, which also involved Bank of New York Mellon, PNC Bank, State Street, Truist and US Bank, First Republic said the support reflected “confidence” in the bank and its ability to continue...

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