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Wall Street drops as PacWest fuels fears of deeper bank crisis

Posted on AllSides May 4th, 2023
From The Center
REUTERS/Brendan McDermid

Wall Street fell on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase (JPM.N), Wells Fargo & Co (WFC.N) and other major financial players.

PacWest Bancorp (PACW.O) tumbled 43% after it confirmed it was exploring strategic options, including a sale, after shares of the regional lender and peers got hammered recently on fears of a worsening banking crisis.

The fears reverberated across other lenders. Western Alliance Bancorp (WAL.N) tumbled 35%, with trading...

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