Big Banks That Shored Up First Republic Pushed to Boost Reserves
- Biggest contributors plan to add about $100 million provision
- Accounting rules covering for potential losses spur decision
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The biggest US banks are planning to bolster reserves in a move tied to their unusual effort to shore up ailing lender First Republic Bank last month.
Some of the banks that contributed the largest chunk of the $30 billion in deposits are planning to set aside about $100 million each, according to people with knowledge of the matter. The group included JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Bank of America Corp., which each put up $5 billion.