Investing
U.S. banks that shored up First Republic pushed to boost reserves – Bloomberg News
© Reuters. FILE PHOTO: A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar
(Reuters) – Several major U.S. banks who contributed a significant portion of the $30 billion in deposits to aid First Republic Bank (NYSE:) last month, are now planning to bolster their reserves by setting aside around $100 million each, Bloomberg reported.
The group includes JPMorgan Chase & Co (NYSE:), Wells Fargo (NYSE:) & Co, Citigroup Inc (NYSE:) and Bank of America Corp (NYSE:), according to the report on Tuesday, citing people familiar with the matter.
Banks’ decision to strengthen their reserves is driven by accounting regulations that require provisions to be set aside for potential losses across various assets, the report addded.
First Republic, Citi Bank and JPMorgan declined to comment on the report. Bank of America and Wells Fargo did not immediately respond to Reuters’ requests for a comment.
Eleven lenders, including the eight members of the Financial Services Forum, threw First Republic a lifeline of a combined $30 billion in deposits last month.
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