The country’s four largest banks, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, are among the entities that have contributed funds to provide liquidity to this regional bank.
Euskaraz irakurri: AEBko 11 banquetxek First Republic Bank erreskatatu dute 30,000 milioiko injekzioa eginda
11 US banksincluding the four largest (Bank of America, Citigroup, JPMorgan Chase and Wells Fargo) have a total injection of 30 billion dollars (approximately 28.180 million euros) in the Bank of the First Republic to strengthen its liquidity and prevent its collapse.
According to a statement from the four major banks in the United States, this injection “reflects their confidence in the country’s banking system and helps ensure that First Republic has the liquidity to continue serving its customers.”
The injection of the major banks of the United States into the First Republic comes after the rating agencies S&P Global Ratings and Fitch downgraded the credit rating of the First Republic to the category of ‘junk bond’ before the outflow of deposits from the entity and even after US regulators pledged to support the banking sector following the collapse of Silicon Valley Bank (SVB).
After knowing the rescue, Wall Street managed to close in ‘green’ yesterday. The Dow Jones, the leading indicator, rose 1.17%, while the S&P 500 closed 1.76%. For its part, shares of the First Republic appreciated nearly 10%.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
