JPMorgan, 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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JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. will contribute US$5 billion of deposits each, while Goldman Sachs Group Inc. and Morgan Stanley will kick in US$2.5 billion apiece, according to a statement Thursday. PNC Financial Services Group Inc., Bank of New York Mellon Corp., Truist Financial Corp., U.S. Bancorp and State Street Corp. will each contribute US$1 billion.
First Republic has been exploring strategic options including a possible sale, Bloomberg News reported late Wednesday. The lender’s shares have plummeted in the aftermath of regulators’ seizure of fellow regional lenders Silicon Valley Bank and Signature Bank over the past week.Article content Shares of First Republic swung wildly Thursday, plunging as much as 36 per cent early in the day, then surging as much as 28 per cent midday after details of the emerging plan were first reported. Shares were up 12 per cent at 3:27 p.m. in New York. Trading was paused multiple times during the day for volatility.
First Republic, which specializes in private banking and has built up a wealth-management franchise with some US$271 billion in assets, has made an effort to differentiate itself from SVB Financial Group’s Silicon Valley Bank. Unlike SVB, which counted startups and venture firms among its biggest clients, First Republic said that no sector represents more than nine per cent of total business deposits.
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