BIG BANKS CREATE $30B RESCUE PACKAGE FOR FIRST REPUBLIC

Big banks create $30B rescue package for First Republic

NEW YORK (AP) — Eleven of the biggest banks in the country have announced a $30 billion rescue package for First Republic Bank. It’s an effort to stop the California-based bank from becoming the third to fail in less than a week. Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone. For the package, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo would each put $5 billion in uninsured deposits into First Republic. Meanwhile Morgan Stanley and Goldman Sachs would deposit $2.5 billion each. The remaining $5 billion would come from five other banks.

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