Wall Street rides to the rescue as 11 banks pledge First Republic $30 billion in deposits
Publishing timestamp: 2023-03-16 17:41:05
Summary
Major banks, including Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley, have agreed to deposit $30 billion in First Republic, which is meant to be a sign of confidence in the banking system. However, concerns about uninsured deposits and unrealized losses on its bond portfolio have led to a drop in First Republic's stock price. The new deposits from major banks are uninsured and obligated to stay at the bank for at least 120 days. First Republic typically caters to high-end clients and firms and has more than $212 billion in assets.
Sentiment: MIXED
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Keywords: investment strategy, markets, signature bank, jpmorgan chase & co, david faber, morgan stanley, banks, bank of america corp, svb financial group, breaking news: markets, state street corp, truist financial corp, citigroup inc, goldman sachs group inc, business news, m&t bank corp, goldman sachs bdc inc, us bancorp, pnc financial services group inc, bank of new york mellon corp, first republic bank, wells fargo & co,