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Keyword: pacwestbank

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  • PacWest Bank says considering ‘all options’ after its shares plunge more than 50%

    05/04/2023 6:07:48 AM PDT · by Red Badger · 12 replies
    CNN ^ | By David Goldman and Mark Thompson, CNN Updated 3:44 AM EDT, Thu May 4, 2023
    New York/London CNN — Another US regional lender caught up in the worst banking crisis since 2008 is looking for help. PacWest Bank (PACW), based in California, confirmed Thursday that it is exploring “all strategic options” after its share price was cut in half in after-hours trading following a Bloomberg report that it was considering a sale. “Exploring strategic options” is Wall Street lingo for “please help.” The last bank to announce it was exploring strategic options was First Republic Bank (FRC). That regional bank failed Monday, and JPMorgan purchased most of its assets. “In accordance with normal practices the...