US Banks Boost Reserves After Supporting First Republic
US banks that deposited $30bn in uninsured deposits into First Republic Bank in March plan to set aside about $100m each in first-quarter earnings in case of potential losses. JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America were among the 11 lenders that bolstered First Republic after its shares plunged during the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank. The move comes as major US banks begin reporting first-quarter earnings from Friday.
