Tag Archive for: bank failures

ANOTHER BANK FAILURE: PacWest Shares Plunge, Troubled Bank Crashes

$640 billion in bank failures. Another Biden success. PacWest stock plummets more than 50%, other bank stocks join in decline.

PacWest Tumbles; Oil Steadies

…..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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BIDEN’S ECONOMY: Silicon Valley Bank COLLAPSES Following Run on Bank, 2nd Biggest Bank Failure In United States History

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