I find it funny that people take money out of First Republic and deposit into the big banks. The big banks then proceeds to return the money to First Republic. They call it a bank run but ultimately there's really no place to run.
See: https://www.wsj.com/articles/jpmorgan-morgan-stanley-and-oth...
It's a liquidity infusion. A lot of times the big banks don't want more small depositors anyways.
Large banks have different portfolios and may have funds available to assign to these (now riskier) investments.