New York, Mar 17 (EFE) at the opening of the Wall Street Stock Exchange.
On Thursday, a group of entities led by Bank of America, Citigroup, JPMorgan Chase and Wells Fargo came to the rescue of First Republic, which is among the fifteen largest banks in the country, and which has suffered the most from volatility. after the authorities intervened last week Silicon Valley Bank (SVB) and Signature Bank.
After the announcement of the rescue was known, the shares of First Republic, which in the morning plummeted 30%, ended up closing the day with a rise of 9.98%.
San Francisco-based First Republic was downgraded to junk on Wednesday by both Fitch Ratings and S&P Global.
The liquid contribution to the Californian entity seeks to prevent it from following the path of SVB and Signature Bank, whose closures unleashed a current of panic that later spread to Europe.
