A group of 11 major banks have provided $30bn (£24.7bn) in cash in an attempt to end a crisis of confidence surrounding another major US bank.
First Republic, a regional lender, was among those to have seen its share price collapse this week amid sector-wide balance sheet scrutiny prompted by the collapse ofThe rescue funds, provided by peers including JPMorgan, Citi, Bank of America and Wells Fargo, were handed over hours after Switzerland's second-largest lender was handed a €50bn lifeline by the country's central bank.
Credit Suisse had come under the same kind of share price assault as First Republic, largely the result of fears that rising interest rates imposed by central banks to tackle inflation had damaged their balance sheets.
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