1 year ago
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Banks seek to calm markets as investors fear repeat of First Republic and SVB failures
The California lender PacWest has sought to calm markets and said it is in talks with several potential investors as its shares plummeted as much as 60%, reigniting fears about a US banking crisis.
PacWest shares plunged in after-hours trading after Bloomberg News reported the bank was considering strategic options including a sale or fundraising round. It is the latest US regional bank to seek a lifeline after First Republic Bank was sold to JP Morgan after talks over the weekend.
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