Per WSJ
List of banks that rescued First Republic Bank by sending $30 billion
3/17/2023
The Wall Street Journal released the list of eleven banks that reportedly rescued First Republic Bank by sending a total of $30 billion in cash to help stop the panic from spreading. Here are the names of the banks and how much they reportedly gave to First Republic Bank.
The biggest deposits
- JPMorgan Chase & Co. - made a $5 billion uninsured deposit
- Citigroup Inc. - made a $5 billion uninsured deposit
- Bank of America Corp. - made a $5 billion uninsured deposit
- Wells Fargo & Co. - made a $5 billion uninsured deposit
Other large deposits
- Morgan Stanley - contributed $2.5 billion
- Goldman Sachs Group Inc. - contributed $2.5 billion
Other contributions
- U.S. Bancorp - gave $1 billion
- PNC Financial Services Group Inc. - gave $1 billion
- Truist Financial Corp. - gave $1 billion
- Bank of New York Mellon Corp. - gave $1 billion
- State Street Corp. - gave $1 billion
The Treasury Department, Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency released a joint statement, also mentioning the support from large banks.
“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,”
Jerome Powell reportedly blocked phrases that mentioned "regulatory failure" by the Feds in the joint statement. The chair of the Federal Reserve wanted to focus on "actions being taken to shore up the financial system."
Treasury Secretary Janet Yellen tried to reassure depositors by giving a statement saying that deposits would be available when needed.
Yellen: “Americans can feel confident that their deposits will be there when they need them,”
While Bank of America made a $5 billion uninsured deposit to First Republic Bank, it actually benefited from the collapse of Silicon Valley Bank. BofA reportedly received over $15 billion in new deposits.
See flow at unusualwhales.com/flow.
Other News:
- Bank of America benefited from Silicon Valley Bank's collapse as it received over $15 billion in new deposits
- Jerome Powell, the chair of the Federal Reserve, blocked phrases regarding regulatory failure by the Federal Reserve in the Silicon Valley Bank collapse
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