Banks working on rescue plan for First Republic, reports say

(AP)

A group of Wall Street banks is planning a rescue package of at least 20 billion US dollars (£16.5 billion) for First Republic Bank, sources have told The Associated Press.

The rescue package comes as San Francisco-based First Republic has been battered by investors and worries have grown that the midsized bank might be the next to fail, after Silicon Valley Bank and Signature Bank.