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Shares In First Republic Bank Plummet Even After Rescue Deal From Big Banks

Posted on AllSides March 17th, 2023
From The Right
Spencer Platt via Getty Images

Shares in First Republic Bank plummeted some 26% on Friday morning even after a rescue deal backed by a number of large financial institutions.

Wells Fargo, JPMorgan Chase, Bank of America, and Citigroup each offered to contribute $5 billion of liquidity to assist First Republic Bank, which is heavily involved in wealth management and has many customers with deposits exceeding the $250,000 threshold protected by the Federal Deposit Insurance Corporation. Banks such as Truist Financial and BNY Mellon also contributed to the overall $30 billion arrangement.

Treasury Secretary Janet Yellen,...

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