Bank of America BAC , Citigroup C , JPMorgan Chase JPM and Wells Fargo WFC said Thursday they are each making $5 billion uninsured deposits as part of a $30 billion package from 11 banks into First Republic Bank FRC. The move “reflects their confidence in First Republic and in banks of all sizes,” the banks said in a joint statement. “It demonstrates their overall commitment to helping banks serve their customers and communities.” Goldman Sachs GS and Morgan Stanley MS are each making an uninsured deposit of $2.5 billion, and BNY MellonBK , PNC Bank PNC , State Street STT, Truist TFC and U.S. Bank USB are each making an uninsured deposit of $1 billion. First Republic stock is up 15%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.