The biggest banks in the U.S. swooped in to rescue First Republic Bank FRC 9.98%increase; green up pointing triangle with a flood of cash totaling $30 billion, in an effort to stop a spreading panic following a pair of recent bank failures.
The bank’s executives came together in recent days to formulate the plan, discussing it with Treasury Secretary Janet Yellen and other officials and regulators in Washington, D.C., people familiar with the matter said.
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