NEW YORK: The biggest US banks are planning to bolster reserves in a move tied to their unusual effort to shore up ailing lender First Republic Bank last month. Some of the banks that contributed the largest chunk of the US$30bil in deposits are planning to set aside about US$100mil each, according to people with knowledge of the matter. The group included JPMorgan Chase & Co, Wells Fargo & Co, Citigroup Inc and Bank of America Corp, which each put up US$5bil . Accounting rules meant to ensure banks stockpile provisions to cover potential losses for a wide range of assets are dictating the move, two of the people said, asking not to be identified discussing private information.

http://klse.i3investor.com/web/blog/detail/kianweiaritcles/2023-04-13-story-h-273389836-Big_banks_pushed_to_beef_up_reserves

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