11 banks in US announce USD 30 billion rescue package to prevent First Republic Bank from becoming third bank to collapse


Content Team
Image Credit: npr

Eleven of the biggest banks in the United States announced a USD 30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week. First Republic serves a similar clientele as Silicon Valley Bank, which failed Friday after depositors withdrew about USD 40 billion.