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Regional bank stocks rebound on Friday, but still headed for steep losses on the week

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Friday's rally for stocks like PacWest and Western Alliance made only a small dent in the week-to-date losses

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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