Davis Polk Guides Banks’ $30 Billion First Republic Deposits (3)

Davis Polk & Wardwell advised 11 banks who deposited $30 billion in First Republic, an effort to rescue the regional lender and help stabilize the financial system.

The Wall Street law firm advised Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, Davis Polk said Friday. The banks each deposited $5 billion in the struggling First Republic, said to be teetering after the collapse of Silicon Valley Bank and New York’s Signature Bank.

Davis Polk also guided Goldman Sachs and Morgan Stanley, which made First Republic deposits of $2.5 billion apiece, and BNY Mellon, PNC Bank, State Street, Truist and ...