First Republic gets $30 billion bailout from big US banks

First Republic Bank, which is facing a crisis of investor and customer confidence, will receive a $30 billion lifeline from a group of America’s largest banks.

“This show of support from a group of large banks is very welcome and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday.

Major banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist.

The $30 billion infusion will give the San Francisco lender much-needed cash to meet customer withdrawals and bolster confidence in the US banking system during a tumultuous time for lenders.

A First Republic spokesman declined to comment.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on pocket
Share on whatsapp

Subscribe to our newsletter.

Other News

Related News