Megabanks coming together to shore up First Republic Bank FRC 9.98%increase; green up pointing triangle<svg width="16" height="16" viewBox="0 0 16 16"><defs><path id="arrow-down-filled-small_svg__a" d="M8.588 3.985l4.927 7.14-.506.86H3.02l-.534-.86 4.959-7.14z"></path></defs><use fill="currentColor" fill-rule="evenodd" transform="rotate(-180 8.008 7.992)" xlink:href="#arrow-down-filled-small_svg__a"></use></svg> will probably solve today’s big problem. But it may not help for much beyond that.
A massive $30 billion infusion of deposit cash into First Republic by the biggest banks in the nation will almost surely relieve the immediate pressure on the California lender. This group includes JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, U.S. Bancorp, PNC Financial Services PNC 4.05%increase; green up pointing triangle<svg width="16" height="16" viewBox="0 0 16 16"><defs><path id="arrow-down-filled-small_svg__a" d="M8.588 3.985l4.927 7.14-.506.86H3.02l-.534-.86 4.959-7.14z"></path></defs><use fill="currentColor" fill-rule="evenodd" transform="rotate(-180 8.008 7.992)" xlink:href="#arrow-down-filled-small_svg__a"></use></svg> and others, The Wall Street Journal has reported—essentially the country’s largest banks. In effect, some of the influx of deposits that megabanks have received over the past week from people fleeing midsize lenders will be redirected to First Republic.
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