The beleaguered First Republic Bank will receive $30 billion from the top U.S. banks in a bid to stabilize the troubled firm, the banks confirmed in a joint statement Thursday.
Eleven of the largest U.S. banks will provide an infusion to the bank following a volatile week that saw the lender’s stock plunge following the collapse of Silicon Valley Bank (SVB) last week, the institutions said, confirming anonymously sourced reports there were discussions to shore up First Republic.
“The actions of America’s largest banks ref …