PANews March 17 news, according to Bloomberg, several large US banks have provided $30 billion in deposit assistance to First Republic Bank. According to a statement on Thursday, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo will each provide $5 billion in uninsured deposits, Goldman Sachs and Morgan Stanley will deposit $2.5 billion, and Bank of New York Mellon, PNC Bank, State Street, US Bancorp and Truist will each deposit $1 billion. U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jay Powell, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Grunberg and U.S. Office of the Comptroller of the Currency Acting Director Michael Hsu said in a joint statement that the rescue plan showed the resilience of the banking system. First Republic's stock price fluctuated sharply on Thursday, plummeting 36% in early trading, and soared 28% during the day after the details of the rescue plan were announced. After trading was suspended several times due to sharp fluctuations, the stock price closed up 10%.
