PacWest's downfall leads regional bank stocks to slide.
TL;DR Summary
Shares of US regional lenders, including PacWest Bancorp, First Horizon Corp., and Western Alliance Bancorp, continue to slide amid concerns for a sector that has been rattled by the collapse of multiple firms. PacWest plunged 51% to its lowest close ever after exploring strategic options and Western Alliance tumbled 38% after denying reports of a potential sale. However, the turmoil in US regional banking is not expected to spill over into the global banking sector as a whole.
Topics:business#finance#pacwest-bancorp#potential-sale#stock-market#us-regional-banking#western-alliance-bancorp
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- Profitability Was the Next Shoe to Drop at Banks Like PacWest Bloomberg
- Business | May 6th 2023 Edition The Economist
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