A group of Wall Street banks is planning a rescue package of at least $20 billion for First Republic Bank, sources told AP. The bank has been battered by investors and worries have grown that it might be the next to fail.
A television screen displaying financial news is seen inside one of First Republic Bank's branches in the Financial District of Manhattan, Thursday, March 16, 2023. The S&P 500 was 0.8% higher in midday trading after erasing an earlier loss of nearly that much following reports that First Republic Bank could receive financial assistance or sell itself to another bank.
NEW YORK — A group of Wall Street banks is planning a rescue package of at least $20 billion for First Republic Bank, sources told The Associated Press on Thursday. The rescue package comes as San Francisco-based First Republic has been battered by investors and worries have grown that the midsized bank might be the next to fail, after Silicon Valley Bank and Signature Bank.
Sources familiar with the matter said that JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs are part of the group of banks pulling together the package. It is likely to consist of $20 billion in deposits and capital for First Republic, but it might be as high as $30 billion.A First Republic spokesman declined to comment on the reports.
First Republic Bank’s stock has faltered as customers began pulling their deposits out. But it was up more than 3% Thursday after reports of the recue package surfaced.
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