PACW - Why Shares of PacWest Bancorp KeyCorp and Comerica Are Falling Today
2023-05-02 12:04:21 ET
Shares of several bank stocks struggled today as the seizure of First Republic (NYSE: FRC) and the ultimate sale of most of its assets to JPMorgan Chase (NYSE: JPM) yesterday failed to assure investors that the banking crisis is over.
Shares of PacWest Bancorp (NASDAQ: PACW) traded roughly 22% lower as of 11:48 a.m. ET today. Meanwhile, shares of KeyCorp (NYSE: KEY) traded roughly 8% lower, while shares of Comerica (NYSE: CMA) were down close to 10%.
I think there are several reasons investors may not be thrilled with the resolution of First Republic. For one, the sale to JPMorgan Chase widens the rift between the "too big to fail" banks and the super-regional and regional banks.
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Why Shares of PacWest Bancorp, KeyCorp, and Comerica Are Falling Today