PacWest's downfall leads regional bank stocks to slide.
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.