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First Republic Set to Get $30 Billion of Deposits in Rescue

  • JPMorgan, Citi, BofA among big banks that would contribute
  • Details of the deal may be announced as soon as Thursday
Bloomberg business news
US Tries to Orchestrate Rescue of First Republic Bank
Updated on

The nation’s biggest banks are close to agreeing upon a plan to deposit as much as $30 billion with First Republic Bank in an effort supported by the US government to stabilize the battered California lender, according to people with knowledge of the matter.

Banks including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Wells Fargo & Co., Morgan Stanley, U.S. Bancorp, Truist Financial Corp. and PNC Financial Services Group Inc. are part of the discussions, said the people, asking not to be identified because the talks are private.