$640 billion in bank failures. Another Biden success. PacWest stock plummets more than 50%, other bank stocks join in decline.
…..following Federal Reserve interest-rate increase
By: Wall Street Journal, May 4, 2023:
Aftershocks from March’s banking turmoil rumbled on, even as the the Federal Reserve’s aggressive rate-rise campaign approaches its end.
In recent market action:
PacWest’s already battered shares fell by 45% in premarket trading. The bank said it was talking to potential partners and investors, and would keep evaluating “all options to maximize shareholder value.”
A raft of other regional lenders fell in sympathy before the opening bell: Western Alliance Bancorp slid 23%, while Comerica and Zions Bancorp fell by 9% and 10%, respectively. First Horizon sank nearly in half after its $13.4 billion sale to Toronto’s TD Bank was called off.
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