A group of US financial institutions is “in talks” to bail out First Republic Bank with up to $30,000 million (about $28,000 million), it has been announced.
The information was put forward through various specialized communication tools, awaiting the announcement of the measure later today.
The New Tork Times reported that JPMorgan and Bank of America will each inject $5,000 million (about €4,700 million) into the financial institution.
in turn, According to the Wall Street Journal, Citigroup should pay the same amount, while Goldman Sachs and Morgan Stanley would each have to advance $ 2.5 million (2,349 million euros).
The remaining amount must be borne by a group of regional banks.
Each of these financial institutions will contribute USD 1,000 million (about EUR 940 million).
At 7 p.m. (Lisbon time), after the news, shares of First Republic Bank were up 5.31% and lost 30% early in the morning.
San Francisco-based First Republic was classified as junk by both Fitch Ratings and S&P Global on Wednesday.
The institution is looking for ways to increase its liquidity and is considering a possible sale, according to Bloomberg.
Source: DN
