First Republic gets $30 billion bailout from big US banks

First Republic Bank, which is facing a crisis of investor and customer confidence, will receive a $30 billion lifeline from a group of America’s largest banks.

“This show of support from a group of large banks is very welcome and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday.

Major banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist.

The $30 billion infusion will give the San Francisco lender much-needed cash to meet customer withdrawals and bolster confidence in the US banking system during a tumultuous time for lenders.

A First Republic spokesman declined to comment.

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