U.S. banks that aided in First Republic rescue add to reserves, Bloomberg says

The U.S banks that that put up the biggest "chunk" of the $30B in deposits used to aid troubled lender First Republic Bank (FRC) in March, including JPMorgan Chase (JPM) , Wells Fargo (WFC), Citigroup (C) and Bank of America (BAC) are planning to set aside $100M each in reserves, wrote Sridhar Natarajan, Katherine Doherty, Jennifer Surane and Hannah Levitt for Bloomberg. According to the story, those banks contributed about $5B each in the First Republic effort. "Accounting rules meant to ensure banks stockpile provisions to cover potential losses for a wide range of assets are dictating the move, two of the people said, asking not to be identified discussing private information," noted the Bloomberg story. Reference Link