PACW - Why Are Regional Banks Getting Crushed Again on Wednesday?
2023-03-15 11:48:50 ET
The financial sector has taken investors on quite a roller-coaster ride since the failure of SVB Financial 's (NASDAQ: SIVB) Silicon Valley Bank last week. Shares of regional banks have been especially volatile, with many such institutions plunging late last week and on Monday, but rebounding sharply on Tuesday.
However, their declines have resumed on Wednesday. As of 11 a.m. ET, First Republic Bank (NYSE: FRC) was down by 17%, KeyCorp (NYSE: KEY) had declined by more than 5%, and PacWest Bancorp (NASDAQ: PACW) was down by 16%. It's also worth mentioning that all three stocks were very volatile, and it's possible these percentage declines could be much different by the time you're reading this.
The news headline shaking up the financial industry Wednesday isn't about the regional banks, or any U.S.-based institutions, for that matter.
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Why Are Regional Banks Getting Crushed Again on Wednesday?