First Republic gets deposits of $30 billion from 11 major U.S. banks, including JPMorgan Chase, Bank of America and Wells Fargo

Bank of America BAC, Citigroup C, JPMorgan Chase JPM and Wells Fargo WFC said Thursday that they are each making $5 billion in uninsured deposits into First Republic Bank FRC as part of a $30 billion backstop by 11 banks against the ravaged banking landscape of the past week.

First Republic’s FRC stock rallied 11%, after hitting an all-time low earlier in the session as speculation had increased about another bank collapse after the failures of Silicon Valley Bank, Silvergate Bank and Signature Bank in the past week.

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