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US Taps Wall Street Banks in Show of Unity for Rattled Sector

  • Treasury’s Yellen, JPMorgan’s Dimon played key roles: source
  • Yellen said banking system ‘remains sound’ earlier in the day
Updated on

US authorities said a deal by the nation’s biggest lenders to deposit $30 billion with First Republic Bank demonstrated the resilience of the nation’s banking system, seeking to reinforce a message that the sector is on firm footing and united in its efforts. 

“This show of support by a group of large banks is most welcome,” the Federal Reserve, Treasury, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said in a joint statement Thursday.