America’s largest banks agrees to ‘prop up’ First Republic with $45 billion rescue package

Sky News Business Reporter Edward Boyd says {that a} consortium of America’s largest banks has agreed to “prop up” lender First Republic with a $45 billion rescue bundle.

JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, Morgan Stanley and Goldman Sachs have all agreed to tip cash into the midsize lender.

Since the rescue bundle was introduced, markets within the US have stabilised.