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Al Jazeera
Al Jazeera
Business

US banking giants pledge $30bn to prop up First Republic Bank

First Republic First Republic Bank United States Janet Yellen California JPMorgan Chase Silicon Valley Bank White House
The rescue plan executed for First Republic averts an outright takeover of the bank by a larger institution [File: Mike Segar/Reuters]

The largest banks in the United States have moved to shore up First Republic Bank in an effort to ease fears that the regional lender could be the next domino to fall after the second-largest banking collapse in US history.

A group of 11 private US banks, including Bank of America, Citigroup and JPMorgan Chase, announced on Thursday that they would deposit $30bn into the crippled California-based First Republic.

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