As part of a rescue plan for First Republic Bank (FRC.N), several large banks said Thursday that they had deposited $30 billion.
The statement names JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N.), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), and others as rescuers.
Several big banks deposited $30 billion Thursday to rescue First Republic Bank (FRC.N).
Rescuers include JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N.), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), and others.
A source said banks started the rescue, but the government supported it.
According to its annual report, First Republic, founded in 1985, had $212 billion in assets and $176.4 billion in deposits as of last year.
According to a Bank of America statement, 70% of its deposits are uninsured, above the norm of 55% for medium-sized banks and third highest behind Silicon Valley Bank and Signature Bank.
Reuters reported MorganThursday that Atlas S.P. Partners and PacWest Corp (PACW.O) are also discussing a liquidity increase.
Bloomberg News covered the rescue package and participants previously.
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