Noah Grayson, President of South End Capital Quoted in Recent GlobeSt.com article “11 Banks Throw a $30B Lifeline to First Republic. Expect a Volatile Ride for CRE”
March 20, 2023
Big banks have come with a $30 billion unsecured rescue deposit for First Republic Bank in its efforts to stay afloat. The extraordinary deal involves 11 of the largest banks in the country: Bank of America, Citigroup, JPMorgan Chase and Wells Fargo putting in $5 billion each; Goldman Sachs and Morgan Stanley with $2.5 billion each; and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank with $1 billion each.