A recent study by a group of leading economists concluded that 186 U.S. banks are at risk of failure. MORE ⬇️
Uncertainty continued to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon that the worst of the recent crisis is over and the health of the banking system remains strong.
With $44 billion in assets, PacWest is roughly one-fifth the size of the three regional banks that failed over the past two months — Silicon Valley Bank, Signature Bank and First Republic Bank. The bank experienced significant deposit outflows after Silicon Valley Bank failed in mid-March, but says deposits have increased since March 31, including in its venture banking division, which serves technology and start-up companies.
Western Alliance shares were among the most volatile and were down 39% when trading was halted. The Phoenix-based bank put out a statement overnight saying it hasn’t experienced any unusual withdrawals and its plans to readjust its balance sheet were underway. Thursday morning, The Financial Times reported that the bank was also considering strategic options. The bank strongly denied the report.
The Federal Reserve's fight against inflation has played a key role in the banking turmoil. The Fed on Wednesday raised its key interest rate by a quarter-point to the highest level in 16 years as part of that campaign, its tenth consecutive rate hike.The higher rates have prompted depositors to move money into higher-paying certificates of deposit and money market funds.
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