Banks Step In to Save Troubled First RepublicOn Thursday, Bank of America, Goldman Sachs, JP Morgan, and other Wall Street giants moved to end the spiralling banking crisis in the US. They agreed to deposit $30bn in First Republic, a mid-sized bank whose shares have been plummeting amid a wider banking turmoil. Big Banks Inject $30bn into First RepublicIn a joint statement on Thursday, the big banks said, “The actions of America’s largest banks reflect their confidence in the country’s banking system. SVB’s uninsured deposits accounted for 94% of its total. Unprecedented BailoutThe unprecedented rescue plan will see most of the US’s largest banks making uninsured deposits into First Republic.

Source: The Guardian March 17, 2023 21:14 UTC