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The post Will PacWest be the Next US Bank to Go Out of Business? appeared first on Coinpedia Fintech News
Following a rumored plan to explore strategic options, PacWest Bancorp experienced the largest after-hours decline of any bank on Wednesday, falling over 50%. Even though federal reserve chairman Jerome Powell had described the banking industry as “sound” and “resilient” just hours before, several regional banks’ stock values plummeted on Wednesday.
Following a Bloomberg report that the bank would examine strategic options on May 4. One such regional bank PacWest Bancorp experienced a staggering 52.5% decline in after-hours trading. It has been viewed by some as yet another bank that could fail during a banking crisis in the United States. Hence, Bloomberg claimed that the bank thinking of selling itself on raising cash.
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