Banking Crisis 2.0; PacWest Stock Price Dumps By 27%
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On Tuesday, the Dow Jones U.S. Banks Index dropped by 1.28% as a result of the PacWest news. Meanwhile, it remains to be seen if the Bitcoin price could be impacted if the fear and uncertainty around the bank merger goes full blown. On the other side, the market is expecting a 25 bps interest rate hike decision from the US Federal Reserve on Wednesday, while the traders will be looking for comments around further rate hikes in Fed Chair Jerome Powell’s press conference.
Banc Of California To Buy PacWest
According to The Wall Street Journal, Banc of California is in advanced talks to buy the PacWest Bank and the deal could be closed by the end of the day on Tuesday. Meanwhile, the Banc of California stock price rose by 11% on Tuesday. Among the most impacted banks due to the regional Banking Crisis in the United States was PacWest, which was at one stage touted as the next bank in line to collapse after the collapse of three regional banks.
Earlier in May 2023, US Treasury Secretary Janet Yellen warned that there was a need for mergers between mid size banks to improve the financial health of the institutions.
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