The regional banking crisis is expanding

Posted on AllSides May 4th, 2023
From The Left

Federal Reserve chair Jay Powell yesterday said that the U.S. banking system is "sound and resilient." The big picture: It was akin to a sports team owner giving the coach a vote of confidence. If you're compelled to say it, things really aren't going well. Driving the news: PacWest reportedly is exploring strategic options, including a possible sale, acknowledging "discussions are ongoing" with "several potential partners and investors." • Shares in the Los Angeles-based lender were down 71% on the year as of yesterday's market close, and got further routed...

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