According to sources cited by CNBC, major US banks are close to an agreement to deposit between $25 billion and $30 billion with First Republic Bank (FRC.US) as part of an effort organized by the US government.
- The program is aimed at stabilizing the aggrieved Kalinfornia-based lender. Since today's session minimum, First Republic Bank shares have already rebounded by nearly 100%.
- The banks include JPMorgan, Citi, Bank of America, Wells Fargo, Morgan Stanley and PNC Financial Servies, among others. First Republic conveyed that it is ready to raise deposits.
- Rating agency Moody's highlighted the risks posed to financial institutions managing capital by high interest rates.
The FRC rally has been halted at the SMA100 level (black line). Source: xStation5
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