PACW - Why Shares of PacWest Bancorp Crashed Today
2023-05-04 11:05:29 ET
Shares of PacWest Bancorp (NASDAQ: PACW) , a $44 billion asset lender based in Los Angeles, had plunged by nearly 57% as of 10:49 a.m. ET today after media reports about a potential sale of the bank last night spooked investors. At one point in after-hours trading yesterday, shares were down close to 60%.
Since the collapse of SVB Financial in March, investors have kept a close eye on PacWest because they noticed some similar characteristics, and the stock has declined significantly since then.
However, PacWest reported its first-quarter earnings results last week, which largely seemed to reassure investors because the bank had seen a rebound in deposits. But trading has been extremely volatile in the banking sector and has been difficult to fully understand.
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Why Shares of PacWest Bancorp Crashed Today