Last week, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo each made a $5 billion uninsured deposit into First Republic Bank. In addition, Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY‑Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the 11 banks of $30 billion. This action is meant to reflect the institutions’ confidence in First Republic and in banks of all sizes in the wake of the collapse of Silicon Valley Bank and Signature Bank.
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