A group of financial institutions are in talks to deposit roughly $20 billion in First Republic, sources told CNBC’s David Faber. The group includes Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup and others, the sources said.
The deal is not done yet, the sources said. The plan does not call for an of acquisition of First Republic. The sources noted the amount was a moving target. Other reports said the deposit boost could be as much as $30 billion.
The deposit breakdown of the plan could be billions from each participating bank, meant to be a sign of confidence in the banking system.