US banks save up reserves after First Republic Bank rescue

JPMorgan Chase and Co, Wells Fargo & Co, Citigroup Inc and Bank of America are setting $100 million each in Q1 earnings in case of potential losses, Reuters reported on Wednesday.

The four banks have contributed with $30 billion collectively, $5 billion in uninsured deposits each to First Republic Bank in March, to garner confidence in the industry.

A group of 11 banks, including the four banks, took action to support First Republic Bank after it was impacted by the collapse of Silicon Valley Bank and Signature Bank.

Major US banks will start reporting first quarter earnings from Friday.