A group of 11 banks, including JPMorgan Chase & Co. (
$JPM), Citigroup Inc. (
$C), Bank of America Corporation (
$BAC), Wells Fargo & Company (
$WFC), are making $30 billion worth of uninsured deposits to help prop up beleaguered bank First Republic Bank (
$FRC). The move was meant to help build confidence in the U.S. banking system following the collapses of Silicon Valley Bank (
$SIVB) and Signature Bank (
$SBNY).