An agreement among a group of the nation’s largest banks to deposit some $30 billion with First Republic Bank could be coming this week, according to a Bloomberg report.
Bloomberg reports that banks said to be involved in this deal include JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Wells Fargo & Co., Morgan Stanley, U.S. Bancorp, Truist Financial Corp. and PNC Financial Services Group Inc.
A spokesperson from First Republic Bank declined to comment on the new deposits.
News of a possible rescue sent shares of First Republic Bank as high as $39 per share in early afternoon trading Thursday on the New York Stock Exchange.
