Big banks have come with a $30 billion unsecured rescue deposit for First Republic Bank in its efforts to stay afloat.

The extraordinary deal involves 11 of the largest banks in the country: Bank of America, Citigroup, JPMorgan Chase and Wells Fargo putting in $5 billion each; Goldman Sachs and Morgan Stanley with $2.5 billion each; and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank with $1 billion each.

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Erik Sherman

 

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