WAL - Why Shares of KeyCorp PacWest and Western Alliance Are Trading With Volatility Today
2023-03-16 11:52:57 ET
Regional banks bounced around today after First Republic recently announced it is weighing its options. Additionally, investors are likely worried about the potential for an upcoming interest rate hike at the Federal Reserve's next meeting.
Shares of KeyCorp (NYSE: KEY) traded more than 10% down earlier this morning but had pared most of those losses as of 11:36 a.m. ET today and traded about 2% lower at that time. Meanwhile, shares of PacWest Bancorp (NASDAQ: PACW) traded more than 13% lower, while shares of Western Alliance Bancorporation (NYSE: WAL) were only slightly down after having fallen more than 15% earlier today.
Earlier this week, First Republic said it had secured additional liquidity and was not seeing excessive deposit outflows.
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Why Shares of KeyCorp, PacWest, and Western Alliance Are Trading With Volatility Today