First Republic secures $30B rescue from large banks

By Matt Egan, Allison Morrow and David Goldman | CNN

First Republic Bank, facing a crisis of confidence from investors and customers, is set to receive a $30 billion lifeline from a group of America’s largest banks.

“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday.

The major banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Truist.

The $30 billion infusion will give the struggling San Francisco lender much-needed cash to meet customer withdrawals and buttress confidence in the US banking system during a tumultuous moment for

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