Overnight, a consortium of US banks stepped in to help First Republic Bank, a US commercial bank and wealth manager.

JP Morgan Chase, Bank of America, Citigroup and Wells Fargo will each put $5 billion into the Californian-based bank. Meanwhile, Goldman Sachs and Morgan Stanley will deposit $2.5 billion apiece and BNY Mellon, PNC Bank, State Street, Truist and US Bank will put in $1 billion each.

In total, the 11 banks will put $30 billion into First Republic Bank, which...