Eleven lenders deposit $30bn in First Republic Bank

Eleven US lenders deposited $30bn with First Republic Bank in a show of support for the lender.

"This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," the heads of the Treasury, Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said in a joint statement.

JP Morgan Chase, Citigroup, Bank of America and Wells Fargo had engaged in talks earlier to provide a $25bn rescue for First Republic, The Wall Street Journal reported citing people familiar with the matter.

Morgan Stanley, Goldman Sachs, US Bancorp, PNC Financial Services and Truist Financial would chip in smaller amounts.