Wall Street Banks Unite to Rescue First Republic with $30 Billion Deposit

Shares rose after 11 US banks injected $30bn into First Republic, a smaller regional lender, which had been seen as at risk of failure. The move eased investors' worries over a crisis in the banking sector. However, shares in First Republic dropped 20% in after-hours stock market trading after the bank said it was suspending its dividend. Recent bank collapses in the US have raised fears over the health of the banking system. Central banks around the world have sharply raised borrowing costs over the past year to try to curb the pace of overall price rises, or inflation.