A group of US financial institutions, Saving First Republic Bank up to 30,000 million and they may announce the measure this Thursday, according to various private media.
JPMorgan and Bank of America, the two largest banks in the USA, will make deposits $5 billion each According to The New York Times (NYT), it’s on the First Republic. Citigroup would put up the same amount, according to The Wall Street Journal. Goldman Sachs and Morgan Stanley are each expected to contribute $2.5 billion if the deal is completed, and a smaller group of regional banks could each contribute $1 billion as part of the total, the NYT reported.
Following this media leak, First Republic shares were up 5.31% as of 3pm local time (7pm GMT). about 30% decrease in the first hour of the morning.
There was the First Republic third highest uninsured deposit rate It is behind Silicon Valley Bank (SVB) and Signature Bank among US banks, according to a note by Raymond James.
The First Republic, headquartered in San Francisco, was demoted. ‘junk’ category (garbage, English) By both Fitch Ratings and S&P Global on Wednesday. With this move, the First Republic is prevented from following the path of Silicon Valley Bank and Signature Bank, which were shut down by authorities on the 10th and 12th, respectively, in a move that unleashed a stream of panic that then spread to Europe.