11 of the largest US banks will invest $30 billion in their own deposits in California investment First Republic as part of the bailout of the loan structure. In this respect Wrote Bloomberg, citing the source.
The money will be provided by JPMorgan, Bank of America and Citigroup. The deal could be officially announced on Friday. Details of the First Republic recovery plan are still being worked out, but the draft agreement approved by the US government has already been sent to financial and federal agencies.
At the end of last week, the press service of the Federal Deposit Insurance Corporation (FDIC) reported About the destruction of the American Silicon Valley Bank (SVB), which ranks 16th in the list of the largest credit institutions in the USA.
The previous day Financial Times WroteSince the beginning of March 2023, the market capitalization of the six largest US banks (Citigroup, Morgan Stanley, Bank of America, Goldman Sachs, JP Morgan Chase and Wells Fargo) has dropped 13%. Credit institutions lost about $165 billion.
This week, State Duma Speaker Vyacheslav Volodin she made a joke About the onset of the crisis in the US banking sector due to the departure of Anatoly Chubais, the former general manager of Rosnano, from Russia.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.