Banks including JPMorgan (JPM), Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), Morgan Stanley (MS) and PNC Financial (PNC) are close to agreeing upon a plan to deposit about $30B with First Republic Bank (FRC) in an effort orchestrated by the U.S. government to stabilize the bank, Gillian Tan, Hannah Levitt and Sridhar Natarajan of Bloomberg report, citing people with knowledge of the matter. Details of the rescue are still being worked out and may be announced as soon as Thursday, sources told Bloomberg.
Published first on TheFly
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