Economy

First Republic in talks with major banks about a rescue plan

CNN By Matt Egan, Allison Morrow and David Goldman, 16 March, 2023
Tags
Bank Bailouts
Global Economic Collapse

First Republic Bank, facing a crisis of confidence from investors and customers, is actively discussing options for a lifeline, a person familiar with the matter told CNN.

Participating in the discussions Thursday are massive Wall Street banks, including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup, the source said. A deal to prop up First Republic with much-needed access to cash could be announced as soon as Thursday.

First Republic could get up to $30 billion in deposits from the big banks in an effort orchestrated by the US government, according to a report from Bloomberg News.

A First Republic spokesman declined to comment to CNN.