PacWest Bank, a regional lender one-fifth the size of the failed Silicon Valley Bank, saw shares fall 50% after announcing strategic options, which may include a sale. Although PacWest denies unusual withdrawals, it plans to sell assets to increase cash. Despite regulators and bankers assuring the banking industry’s health, uncertainty prevails. Deposits at PacWest increased since March 31, after significant outflows following Silicon Valley Bank’s failure in March.
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Summary
Article Name
Investor Concerns over Ongoing Crisis Sink US Regional Banks
Description
PacWest Bank, a regional lender one-fifth the size of the failed Silicon Valley Bank, saw shares fall 50% after announcing strategic options, which may include a sale.
Author
Susan Jane
Publisher Name
Aljazeera
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