US banks launch $30bn rescue of First Republic to stem spiraling crisis

Bank of America, Goldman Sachs, JP Morgan agree to prop up troubled bank after its shares tumbled amid wider turmoil

Wall Street’s giants moved to end the US’s spiraling banking crisis on Thursday by agreeing to prop up troubled First Republic, a mid-sized bank whose shares have been pummeled amid a wider banking turmoil.

Bank of America, Goldman Sachs, JP Morgan and others will deposit $30bn in First Republic, which has seen customers yank their money following the collapse of Silicon Valley Bank (SVB) and fears that First Republic could be next.

More details to come…