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The group includes JPMorgan Chase & Co (NYSE:JPM), Wells Fargo (NYSE:WFC) & Co, Citigroup Inc (NYSE:C) and Bank of America Corp (NYSE:BAC), according to the report on Tuesday, citing people familiar with the matter.
Banks’ decision to strengthen their reserves is driven by accounting regulations that require provisions to be set aside for potential losses across various assets, the report addded.
First Republic, Citi Bank and JPMorgan declined to comment on the report. Bank of America and Wells Fargo did not immediately respond to Reuters’ requests for a comment.
Eleven lenders, including the eight members of the Financial Services Forum, threw First Republic a lifeline of a combined $30 billion in deposits last month.
