Global Stock Markets: Real-Time Updates

A group of 11 large banks, including JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist, will provide $30 billion in deposits to First Republic Bank to stabilize the teetering lender. Treasury Secretary Janet Yellen drove the effort from the government side, while JPMorgan CEO Jamie Dimon led the effort to organize the bank executives that would eventually get behind the dramatic infusion of deposits. The Federal Reserve loaned out $12 billion to banks this week from its new emergency lending facility, the Bank Term Lending Program, to prevent banks from failing like Silicon Valley Bank last week and Signature Bank on Sunday. The stock market closed higher Thursday after the news of the consortium of big banks helping First Republic Bank.