Today in the Market (3/16/2023)

Good Evening! Stocks in the United States rose on Thursday after a consortium of 11 of the country’s largest banks agreed to inject $30 billion in capital into troubled bank First Republic (FRC), as the sector works to avert a broader financial crisis in the aftermath of multiple bank failures since last Wednesday.

The S&P 500 was up 1.76% at the close, the Dow Jones rose by 1.17%, and the Nasdaq Composite led the session gains, rising 2.48%.


The nation’s largest banks are banding together to save beleaguered San Francisco lender First Republic (FRC) with $30 billion in uninsured deposits, an unusual collaborative effort to stabilize a rival and restore calm after a volatile week. The infusion comes from 11 of the nation’s largest banks, including the following: 

  • JPMorgan (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), are kicking in uninsured deposits of $5 billion each.
  • Goldman Sachs (GS) and Morgan Stanley (MS) are each contributing $2.5 billion.
  • US Bancorp (USB), Truist (TFC), PNC (PNC), State Street (STT), and Bank of New York Mellon (BK) are each contributing $1 billion.

There is a catch! According to a person familiar with the agreement, the deposits must remain at First Republic for 120 days and earn interest at the same rate as current depositors.

How did we get here? The extraordinary infusion from First Republic’s competitors is an attempt to halt the California lender’s slide, which began with the Santa Clara-based Silicon Valley Bank, last week. An initial infusion of $70 billion in financing announced by JPMorgan and the Federal Reserve on Sunday did not relieve the pressure.


T-Mobile announced that it will pay nearly $1.35 billion for Mint Mobile, a mobile carrier partially owned by actor Ryan Reynolds. 

How did the actor of Deadpool get here? Reynolds invested in Mint Mobile in 2019, which sells low-cost phone plans for as little as $15 per month. He starred in a series of amusing commercials for the company, knowing that marketing was his best route into the business world. And marketing agreed with him: he is currently the chief creative officer of an ad tech company that has created campaigns for projects in which he is involved as well as companies in which he is not affiliated, such as Peloton and Match Group.

What does this mean going forward? T-Mobile, which acquired MetroPCS in 2013 and will merge with Sprint in 2020 (despite significant regulatory opposition), is betting that Reynolds, who will remain in a creative role, and his continued charismatic ad strategy will help the company’s small army of budget carriers snag more customers.

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