NEW YORK, March 17 — Large US banks injected US$30 billion (RM135.1 billion) into First Republic Bank yesterday, swooping in to rescue the lender caught up in a widening crisis...
NEW YORK, March 17 — Large US banks injected US$30 billion into First Republic Bank yesterday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size US lenders over the past week.
Some of the biggest US banking names including JPMorgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs and Morgan Stanley were involved in the rescue, according to a statement from the banks. Smaller banks also rebounded from the recent sell-off, with Fifth Third Bancorp, PNC Financial Services Group and KeyCorp each gaining more than 4 per cent.Earlier in the day, Credit Suisse became the first major global bank to take up an emergency lifeline since the 2008 financial crisis as fears of contagion swept the banking sector and raised doubts over whether central banks will be able to sustain aggressive interest rate hikes to rein in inflation.
Policymakers have emphasised that the current turmoil is different than the global financial crisis 15 years ago as banks are better capitalised and funds more easily available.
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