JPMorgan, Goldman, others swoop in with $30b rescue for First Republic Bank

JPMorgan, Goldman, others swoop in with $30b rescue for First Republic Bank

FILE PHOTO: A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar

Large US banks injected $30 billion in deposits into First Republic Bank on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.

Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system.

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