… JPMorgan, Bank of America, Citigroup (C) and Wells Fargo (WFC)—the four largest lenders in the U.S. by assets—deposited $5 billion apiece. Goldman Sachs (GS), Morgan Stanley (MS) each deposited $2.5 billion while U.S. Bancorp (USB), Truist (TFC), PNC (PNC), State Street (STT) and Bank of New York Mellon (BK) each deposited $1 billion. The deposits have to stay at First Republic for 120 days and earn interest at the same rate of current depositors, according to a person familiar with the pact.
Bankers extending a helping hand to a fellow bank…it’s almost inspirational.