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World Business Report: First broadcast 17/03/2023 15:32 GMT : First Republic: 11 US banks ride to rescue

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First Republic: 11 US banks ride to rescue

First broadcast 17/03/2023 15:32 GMT 

First broadcast 17/03/2023 15:32 GMT : First Republic: 11 US banks ride to rescue

BBC World Service - World Business Report, First Republic: 11 US banks ride to rescue

11 major US banks have thrown a $30bn lifeline to First Republic Bank.

Another bank bail-out has taken place this week. 11 giant US financial institutions said they will deposit $30 billion dollars in California’s First Republic Bank, to try to revive it from a whirling financial storm. Familiar names like J.P. Morgan and Citi are among those institutions which join the unusual bail-out campaign. US treasurer Janet Yellen reassured markets that banks in the US are still strong and healthy.

The French government strongarmed their lawmakers to push its controversial pension reform package through on Thursday, sparking another wave of protests in many cities. The unions are now calling for another national strike next Thursday. Will President Macron back down again?  

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First broadcast 17/03/2023 15:32 GMT : First Republic: 11 US banks ride to rescue

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