ECB Watch: Finally truly driven by incoming data

tweet at 3:23pm: *BAC, C, JPM, WFC EACH MAKING A $5B UNINSURED DEPOSIT INTO FRC *GOLDMAN SACHS AND MORGAN STANLEY EACH DEPOSITING $2.5B *BNY-MELLON, PNC BANK, STATE STREET, U.S. BANK EACH DEPOSIT $1B *TOTAL OF 11 BANKS TO DEPOSIT $30B INTO FIRST REPUBLIC BANK https://t.co/UYsnB3o1ScWall Street rides to the rescue as 11 banks pledge First Republic $30 billion in deposits A group of financial institutions has agreed to deposit $30 billion in First Republic in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon. Bank of America , Wells Fargo , Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the banks said in a news release. Truist , PNC , U.S. Bancorp , State Street and Bank of New York Mellon will deposit about $1 billion each. The deposits would be obligated to stay at First Republic for at least 120 days, sources told CNBC’s David Faber. Regional bank stocks initially fell on Thursday but reversed higher after reports from Faber and others about the development of the deposit plan. The news comes after First Republic’s stock has been pummeled in recent days, sparked by the collapse of Silicon Valley Bank last Friday and Signature Bank over the weekend. Both of those banks had a high number of uninsured deposits, as did First Republic, leading to concern that customers would pull their money out. First Republic’s stock, which closed at $115 per share on March 8, traded below $20 at one point Thursday. The stock was halted repeatedly shortly after the news broke and rose to $40 per share at one point, up more than 20% on the day.