PacWest Bancorp Shares Crash
May 4th, 2023Via: AFP:
Shares of PacWest Bancorp were in free fall Thursday after the bank’s attempt to reassure investors fell flat amid another pummeling of US regional bank stocks.
Near 1600 GMT, shares of PacWest were down more than 50 percent.
Other leading banks were also on the back foot, including Western Alliance (-43 percent), Zions (-8.4 percent) and Comerica (-12 percent).
Large banks such as Citigroup and Bank of America had lost about three percent.
The rout comes after Monday’s sale of the embattled First Republic Bank to JPMorgan Chase under a process orchestrated by the Federal Deposit Insurance Corporation.
There had been hopes that the transaction would mark an end to the panic, but that did not materialize.
