As early as Tuesday, it became clear to policymakers that First Republic Bank needed to be rescued or it could fail, two people briefed on the matter told The Associated Press, speaking anonymously because they were not authorized to discuss details.
The scene was reminiscent of the last financial crisis, nearly 15 years ago: Faced with a blossoming emergency in the banking sector, worried regulators and policymakers in Washington turned to Wall Street for help.
The money gives First Republic a lifeline while it reportedly seeks a buyer. Regulators hope it also bolsters confidence in the health of the broader banking system. "We have our marching orders," Dimon reportedly said after the call with Yellen. He then proceeded to build a coalition of banks willing to place deposits with First Republic.
A spokesman for First Republic did not respond to requests for comment on the package or the bank's financial health.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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More SVB fallout as First Republic Bank weighs options including possible sale: reportsSan Francisco\u002Dbased First Republic Bank is looking at increasing liquidity to a possible sale as its stock slumped to a decade low. Read on.
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More SVB fallout as First Republic Bank weighs options including possible sale: reportsSan Francisco\u002Dbased First Republic Bank is looking at increasing liquidity to a possible sale as its stock slumped to a decade low. Read on.
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More SVB fallout as First Republic Bank weighs options including possible sale: reportsSan Francisco\u002Dbased First Republic Bank is looking at increasing liquidity to a possible sale as its stock slumped to a decade low. Read on.
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First Republic gets US$30 billion of bank deposits in rescueJPMorgan, Bank of America, Citigroup and Wells Fargo will contribute $5 billion of deposits each with First Republic Bank. Find out more.
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First Republic gets US$30 billion of bank deposits in rescueJPMorgan, Bank of America, Citigroup and Wells Fargo will contribute $5 billion of deposits each with First Republic Bank. Find out more.
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First Republic Bank shares drop as US$30-billion rescue fails to reassure investorsFirst Republic has been caught up in a widening banking crisis triggered by the collapse of two mid-size U.S. lenders over the past week
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