First Republic Bank Set to Receive $30 billion

The news calmed bank stock investors.

Markets in Europe and Asia rebounded today after First Republic Bank was rescued. First Republic Bank is set to receive $30 billion dollars from a group of america’s largest banks, including jp morgan chase, Bank of America and more. The eleven total banks released a statement saying the moves reflect their confidence in First Republic and in banks of all sizes. The news calmed bank stock investors on both sides of the Atlantic putting at ease the potential of a banking crisis.