Another wave of banking fear swept the markets on Tuesday as stocks for PacWest, Western Alliance, and other financial institutions slid over 20% on the day.
This comes shortly after California financial watchdogs took control of First Republic Bank on Monday, of which 84 branches will reopen under JP Morgan Chase.
Another Bank Stock Selloff
The California-based PacWest Bancorp (PACW) saw its shares tank from $8.90 at 9:30 am ET on Monday down to just $5.50 by 11:10 am. It has since slightly recovered to $6.15 at writing time, representing a 27% net daily drop.
Meanwhile, Western Alliance Bancorporation (WAL) headquartered in Arizona has dipped by a similar 20.53% on the day, from $36.18 to $28.96. Other banks including Zions (ZION), and Comerica (CMA) have suffered losses of roughly 10%.
Each represents some of the largest daily losses posted by such banks since mid-March, following the collapse of Silicon Valley Bank and Signature Bank on March 10 and 12. Both Western Alliance
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