A group of 11 major banks have provided $30bn (£24.7bn) in cash in an attempt to end a crisis of confidence surrounding another major US bank.
First Republic, a regional lender, was among those to have seen its share price collapse this week amid sector-wide balance sheet scrutiny prompted by the collapse of Silicon Valley Bank last Friday.
The rescue funds, provided by peers including JPMorgan, Citi, Bank of America and Wells Fargo, were handed over hours after Switzerland’s second-largest lender was handed a €50bn (£44.5bn) lifeline by the country’s central bank.
