US's Largest Banks Pledge $30 Billion To Avoid Another SVB-Like Collapse
NDTV
The move marks a dramatic initiative by the lenders to bolster the system following failures of three midsized lenders in the last week.
America's largest banks moved Thursday to shore up First Republic, easing fears that the regional lender could be the next domino to fall after collapses including Silicon Valley Bank.
A consortium of 11 US private banks, including Bank of America, Citigroup and JPMorgan Chase, announced they would deposit $30 billion into First Republic.
The move marks a dramatic initiative by the lenders to bolster the system following failures of three midsized lenders in the last week.
"This action by America's largest banks reflects their confidence in First Republic and in banks of all sizes," the group said in a joint statement.
