PacWest's downfall drags down regional bank stocks.
TL;DR
Regional bank stocks rebounded on Friday, but still suffered steep losses for the week due to deposit outflows and concerns over the banking system. PacWest and Western Alliance were hit hard, with PacWest down over 68% for the week and Western Alliance falling 51%. Analysts warn that the stocks have become detached from their fundamentals and are calling for regulatory changes to calm the banking system. JPMorgan Chase upgraded Western Alliance, Zions and Comerica to overweight on Friday, saying the bank stocks "appear substantially mispriced to us."
Topics:businessfinance#deposit-outflows#finance#jpmorgan-chase#regional-banks#stock-market#wall-street
- Regional bank stocks rebound on Friday, but still headed for steep losses on the week CNBC
- I don't see how PacWest survives the day, it'll be wiped out very soon: Consultant BNN Bloomberg
- Regional bank stocks continue to slide on Thursday with PacWest leading the way down 50% CNBC
- Profitability Was the Next Shoe to Drop at Banks Like PacWest Bloomberg
- US Banking Crisis: PacWest Bank On The Brink Of Collapse As Bitcoin Steals The Spotlight Coinpedia Fintech News
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