First Republic to receive $30B in deposits from 11 banks, 'the near-term banking crisis is definitely over': Analyst

A group of 11 banks, including JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Bank of America Corporation (BAC), Wells Fargo & Company (WFC), are making $30 billion worth of uninsured deposits to help prop up beleaguered bank First Republic Bank (FRC). The move was meant to help build confidence in the U.S. banking system following the collapses of Silicon Valley Bank (SIVB) and Signature Bank (SBNY).

Odeon Capital Group's Dick Bove says that, with this action, "the near-term banking crisis is definitely over" adding that this move is "exactly the right thing to do. The federal government should not have to bail out the banking industry. The banks should have to bail out the banking industry."

For the full interview with Seana Smith and Ines Ferre, click here.

Key video moments

00:00 "Near-term banking crisis is definitely over"
00:05 What history tells us about these sort of rescues
00:52 "It's exactly the right thing to do"
01:42 Forecasting more regulation ahead