The contrasting fate of First Republic and Silicon Valley Bank.

Eleven of the biggest US banks announced a $30bn rescue package for First Republic Bank, a competitor, to prevent it from becoming the third bank to fail in less than a week. The rescue package was pitched as a bulwark against future bank runs. Silicon Valley Bank failed last week after depositors withdrew about $40bn in a matter of hours. The rescue package brought back memories of the 2008 financial crisis when banks collectively came to the aid of weaker banks in the early days of the crisis.