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How First Republic rescue, Silicon Valley Bank could cost Main Street America
Howard Lutnick: Investors trading SVB stock taking a ‘wild risk’
Cantor Fitzgerald Chair and CEO Howard Lutnick and Meridian Equity Partners senior managing partner Jonathan Corpina analyze the Silicon Valley Bank government rescue on ‘The Claman Countdown.’
The nation’s biggest banks are pumping roughly $30 billion into First Republic following the collateral damage from the collapse of Silicon Valley Bank (SVB) and Signature Bank.
JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Truist are some of the major banks making over $1 billion worth of uninsured deposits in what they are calling a commitment to "helping banks serve their customers and communities." In a statement, the banks said "regional, midsize and small banks are critical to the health and functioning of our financial system."
SILICON VALLEY BANK RECKLESS WITH RISK, ESG PUSH: STATE FINANCIAL OFFICERS
JPMORGAN CHASE & CO.
WELLS FARGO & CO.
BANK OF AMERICA CORP.
TRUIST FINANCIAL CORP.
The deal comes after big banks received an influx of billions of deposits from midsize lenders, including First Republic, over the past week in the wake of the collapse of SVB.