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Large US Banks Planning Rescue Efforts for First Republic - Report

Large US Banks Planning Rescue Efforts for First Republic – Report

Large financial institutions – as a group – are planning to deposit approximately $30 billion of their own money with First Republic, according to CNBC, citing sources, in hopes of restoring confidence in the banking system.

The funding is not considered an acquisition and the amount has not been finalized yet.

JPMorgan Chase, Citigroup, Bank of America and Wells Fargo are among the banks in talks over the deposit in First Republic. Morgan Stanley, Goldman Sachs, US Bancorp, PNC Financial Services, M&T Bank, Truist and Capital One are also reportedly involved in the discussions, according to the Wall Street Journal.

First Republic’s shares fell 22% on Thursday morning but bounced back after the news of a possible deal broke. They are down close to 70% over the last five trading days and the bank’s market cap has fallen from $21 billion on March 8, when the Silicon Valley Bank crisis began, to less than $5 billion.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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