JPMorgan, Citigroup, others to rescue distressed First Republic Bank

A group of American banks are preparing to lend $30 billion to First Republic Bank to save it from collapsing.
To prevent a collapse, First Republic, which has been at the epicentre of the crisis consuming a portion of the banking industry, would get a sizable infusion of deposits from other lenders, as announced on Thursday.
“This show of support by a group of large banks is most welcome and demonstrates the resilience of the banking system,” the bank’s treasury Department in a statement said.
The troubled San Francisco lender will receive the $30 billion to fulfil customer withdrawals and bolster trust in the U.S. banking industry.
To allay investors’ concerns and strengthen the banking sector, the midsize lender agreed to accept $30 billion in deposits from 11 banks on Thursday.
JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist are among the major banks releasing funds to First Republic.
Despite efforts over the weekend to stabilise its finances with $70 billion in emergency loans and other liquidity from the Federal Reserve and JPMorgan Chase, First Republic has lost more than 70 per cent of its market value since the collapse of Silicon Valley Bank.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Rights
Two Anambra sisters arraigned for child labour
The sisters, however, pleaded not guilty to the three-count charge bordering on conspiracy and illegal dealing in children.

States
Troops apprehend terrorists’ informants, logistics suppliers in Borno
Troops have apprehended suspected terrorist informants and logistics suppliers, received the surrender of an ISWAP member and destroyed IEDs in the last 24 hours across Borno.

Sport
Argentina risk FIFA sanction for displaying Falklands banner after England win
FIFA does not have fixed sanctions for every political message. Instead, each case is accessed individually by the FIFA Disciplinary Committee.

Politics
APC chieftain urges members to unite for candidates’ victory
Akanni Seriki, a member of the Governor’s Advisory Council, has urged APC members to work to ensure the victory of all the party’s candidates across the country in 2027.

Showbiz
I splurge $300,000 monthly on personal lifestyle: Davido
“I spend $200K-$300K monthly, minus my wife, family, buying cars and jewellery,” said Davido.

Abuja
Army says alleged illegal mining kingpin, three others arrested in Abuja
According to the military, the principal suspect confessed during preliminary interrogation to sponsoring an illegal mining operation.





