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JPMorgan, Citi and more back First Republic Bank with $30bn in cash
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The biggest banks in the US swooped in to rescue First Republic Bank with a flood of cash totalling $30bn, in an effort to stop a spreading panic following a pair of recent bank failures.The bank’s executives came together in recent days to formulate the plan, discussing it with Treasury secretary Janet Yellen and other officials and regulators in Washington, DC, people familiar with the matter said.JPMorgan, Citigroup, Bank...
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