However, Friday's rally made only a small dent in the week-to-date losses. PacWest entered down more than 68% for the week and closed at just $3.17 per share on Thursday. The bank confirmed this week that it is exploringWestern Alliance, which said it is not seeking a sale, has also been under heavy pressure this week, falling 51%. The KRE was down 15% week to date.
The steep declines, which came even at banks that reported much smaller deposit outflows than First Republic, led Wall Street analysts to warn that the stocks have become"We are arguably reaching a point of hysteria," Fundstrat strategist Tom Lee said in a note to clients on Friday. This week's slide came after First Republic was seized by regulators and sold to JPMorgan Chase before the market opened on Monday. JPMorgan CEO
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PacWest, Western Alliance stocks plunge as US regional banking woes worsenShares of PacWest Bancorp and Western Alliance Bancorp shares plunged on Thursday, dragging other regional lenders down, as news that both banks were in talks about strategic options sparked investor worries of a worsening financial crisis.
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U.S. regional bank stocks dive after hours as PacWest weighs optionsShares of U.S. regional lenders collapsed in extended trade on Wednesday, with PacWest Bancorp losing over half its value after reports the California bank is exploring strategic options, including a sale.
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