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The banking crisis does not seem to be over yet. Shares of PacWest Bancorp (PACW) fell more than 50% after hours on Wednesday following a Bloomberg report that the US-based lender is considering a range of strategic options.
Bitcoin (BTC) was in the news, rising more than 2% to $28,900 at press time.
The PacWest news comes just days after First Republic Bank (FRC) was taken over by the Federal Deposit Insurance Corp. (FDIC), then sold at auction to JPMorgan (JPM). In a Monday morning call after the takeover, JPMorgan CEO Jamie Dimon said, “I think the banking system is very stable. … That part of the crisis is over.”
Federal Reserve Chairman Jerome Powell had similar thoughts after the last meeting of the Federal Open Market Committee on Wednesday. Speaking after the central bank’s 10th straight rate hike, Powell said the banking system was “sound and resilient”.
Other regional bank stocks fell on Thursday, including Western Alliance Bancorp (WAL), down 28%, and Metropolitan Bank (MCB), down 19%.
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