PacWest falls 17% after regional bank discloses deposit outflows, additional liquidity
Publishing timestamp: 2023-03-22 16:05:55
Summary
PacWest Bancorp has shed over $6 billion in deposits during the recent squeeze on midsized banks, largely from venture banking deposits. The failure of Silicon Valley Bank earlier this month has raised concerns about banks with large deposits from companies and wealthy individuals that are above the $250,000 insurance cap. PacWest said it did not plan to raise more capital and had borrowed more than $16 billion from various government-related programs to manage deposit outflows.
Sentiment: NEGATIVE
Keywords: investment strategy, breaking news: markets, markets, svb financial group, janet yellen, banks, business news, pacwest bancorp,