Major Wall St banks move fast to head off crisis with rescue operation
Some of the US’s biggest banks launched a joint rescue operation to save a smaller US lender on Thursday evening amid fears of contagion in the wider banking sector.
The San Francisco-headquartered First Republic has been under pressure since SVB collapsed a week ago. First Republic’s share prices has plummeted and nervous customers rapidly withdrew their money as fears grew it could be the next victim. US Treasury secretary Janet Yellen, Federal Reserve chair Jay Powell and senior regulators issued a statement saying: “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system.”The US Federal Reserve, America’s Central Bank, said it was “ready to provide liquidity through the discount window to all eligible institutions”.
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