A deal to deposit $30 billion into First Republic Bank was put together by top power brokers from the U.S. Treasury, Federal Reserve and banks including JPMorgan Chase & Co after a steep decline in First Republic's shares, according to sources
A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar
"The stock performance is reflective of volatility and uncertainty which is going to take some time to go away," said Stephen Biggar, director of financial services research at Argus Research. "This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," regulators said in a joint statement soon after the announcement.The rescue plan was a "sly vote of confidence in the contributing banks" from regulators, said Chris Kotowski, an analyst at Oppenheimer Research.
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