Big US banks consider rescuing First Republic amidst share tumble and regulatory scrutiny.
TL;DR Summary
Some of the biggest US banks, including Citigroup, Goldman Sachs, JP Morgan, and Wells Fargo, are considering a rescue bid for First Republic, a mid-sized bank whose shares have plummeted amid a wider banking turmoil. First Republic's shares fell 22% on Thursday morning but bounced back after the news of a possible deal broke. The bank has been hit hard following the collapse of Silicon Valley Bank, which was seized by federal regulators over the weekend. Customers have pulled billions in deposits from the bank, and S&P Global Rating downgraded the bank's credit rating to junk on Tuesday.
- Biggest US banks weigh rescuing First Republic as its shares tumble – report The Guardian
- Bank shares rebound off lows as big banks consider coming to the aid of First Republic CNBC
- First Republic Bank in Rescue Talks With Biggest U.S. Lenders - WSJ The Wall Street Journal
- U.S. banking regulator engaging in 'heightened monitoring' of national banks - spokesperson Reuters
- A group of banks are in talks to deposit $30 billion in First Republic, sources say CNBC
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