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Group of 11 US private banks to deposit $30 billion to shore up First Republic Bank
Move marks dramatic coordinated initiative by private lenders to bolster the system
Reuters
A consortium of 11 large US banks announced on Thursday they are depositing a total of $30 billion in First Republic Bank to shore up the embattled California lender.
The move marks a dramatic coordinated initiative by private lenders to bolster the system following the failures of three midsized lenders in the last week.
"This action by America's largest banks reflects their confidence in First Republic and in banks of all sizes," the group said in a news release.
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