Some of the biggest banks in the U.S. are stepping in to save First Republic Bank.
A group of 11 lenders including J.P.Morgan, Bank of America, Citigroup and Wells Fargo said they will deposit $30 billion in First Republic Bank in an effort to prop up the beleagured midsized lender.
The rescue comes after confidence in smaller lenders cratered following the collapse of Silicon Valley Bank and Signature Bank in what has been an extraordinary week for U.S. lenders.
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