BREAKING: Wall Street rides to the rescue as 11 banks pledge $30 billion to First Republic Bank.

Republic Bank in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon.

Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the banks said in a news release. Truist, PNC, U.S. Bancorp, State Street and Bank of New York Mellon will deposit about $1 billion each.

https://www.msn.com/en-us/money/personalfinance/wall-street-rides-to-the-rescue-as-11-banks-pledge-30-billion-to-first-republic-bank/ar-AA18IMNo