Pacwest Bank is worse than First Republic. Contagion spreading.

by
Sharing is Caring!

via benzinga:

PacWest Bancorp shares are trading lower by 28.61% to $14.20 Friday morning. The stock is sharply lower as shares of several regional banks and financial institutions sell off on downward momentum after SVB Financial Group Wednesday announced a $1.25 billion common stock offering.

SVB Financial Group was also halted during pre-market trading Friday at around 8:41am ET for code news pending. Amid the trading halt, CNBC’s David Faber is now reporting the company’s proposed capital raise has failed, with CNBC reporting SVB Financial is in talks to sell itself.

See also  WEF Survey Shows That Business Leaders Are Deeply Concerned That A Global Recession Is Coming
See also  Despite More than 1600 Tech Scientists Signing a Letter Calling Crypto a Sham, Trump Names a Crypto Cheerleader for SEC Chair

 

AC