PacWest, Western Alliance lead regional bank sell-off of more than 20% a day after Jamie Dimon said the crisis had ended
PacWest Bancorp and Western Alliance Bancorp each plunged by more than 25% on Tuesday amid a broader sell-off in regional bank stocks a day after JPMorgan chief Jamie Dimon's said that the latest leg of the crisis is over.
The crash in regional bank shares comes a few days after First Republic Bank failed and was taken over by the Federal Deposit Insurance Corporation. The collapse followed weeks of uncertainty about the bank's health following the failures in March of Silicon Valley Bank and Signature Bank. "There are only so many banks that were offsides this way," Dimon said on Monday."There may be another smaller one, but this pretty much resolves them all."Yahoo Finance Live on Monday
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