First Republic Bank Rescued by Eleven Banks, Global Markets Rebound.

Global markets rebounded after First Republic Bank was rescued by a group of major US lenders, including JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist, easing worries about the current banking turmoil. The news calmed investors, who were on tenterhooks over a potential banking crisis following the collapse of two US banks and the maelstrom at Credit Suisse over the past week. European shares posted gains Thursday as investors were reassured by news that Credit Suisse would tap a lifeline offered by the Swiss National Bank, borrowing up to 50 billion Swiss Francs ($53.7 billion).