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Total of 11 banks to deposit $30B into First Republic Bank
*BAC, C, JPM, WFC EACH MAKING A $5B UNINSURED DEPOSIT INTO FRC
— zerohedge (@zerohedge) March 16, 2023
*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/UYsnB3o1Sc
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Wall 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 ... (full story)
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- Posted: Mar 16, 2023 3:24pm
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,318
