11 Banks Announce $30 Billion in Deposits Into First Republic Bank

March 16, 2023

Today, eleven of the largest U.S. banks—Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist, and U.S. Bank—announced that they will make uninsured deposits totaling $30 billion into First Republic Bank, and released a statement that the action reflects the large banks’ confidence in the banking system and the importance of banks of all sizes, including smaller- and medium-sized banks. 

  • Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo are each making $5 billion of uninsured deposits.
  • Goldman Sachs and Morgan Stanley are each making $2.5 billion of uninsured deposits.
  • BNY-Mellon, PNC Bank, State Street, Truist, and U.S. Bank are each making $1 billion of uninsured deposits.

A joint statement by the Federal Reserve, FDIC, and OCC praised the action by the eleven banks and stated that it “demonstrates the resilience of the banking system.” 

For additional information, please see:

  • Citi Press Release (link)
  • Federal Reserve, FDIC, and OCC Joint Statement (link) 

Clients with questions about SVB or related developments should reach out to any of their regular contacts at Cleary Gottlieb or any of the partners or counsel listed on our website under Banking and Financial Institutions or Bankruptcy and Restructuring.

Additional Cleary Gottlieb content regarding SVB and related developments can be found here.

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