Major Banks Unite to Rescue First Republic Bank with Billions in Funding

Eleven top US banks are injecting $30 billion into First Republic Bank to prevent a run on deposits and quell concerns about the health of the financial system following the failure of Silicon Valley Bank and Signature Bank. The coordinated action is intended to sweep away fears by depositors and investors that midsize banks could fall victim to perilous runs. The private sector action could also help the Biden administration avoid the politically damaging charge that it is bailing out banks.