Federal Reserve Chair Jerome Powell said Wednesday that the period of bank failures that have rattled markets and the economy has come to an end.
Hours later several regional bank stocks were crashing.
PacWest is down 56%
Western Alliance Bank is down 30%
Metropolitan Bank is down 20%
The banking crisis is far from over.
Regional Bank stocks are crashing after hours as PacWest, $PACW, says they are looking for a buyer.
– PacWest, $PACW, now down 57%
– Western Alliance Bank, $WAL, now down 30%
– Metropolitan Bank, $MCB, now down 20%
2 hours ago the Fed said the "system is strong."
— Trupti (@Trupti43199691) May 4, 2023
PacWest is crashing.
No, this is not crypto.
1) It is once the best bank in US in 2017.
2) It has about $26 billion asset.
This is PacWest Bancorp stock, which owns Pacific Western Bank. pic.twitter.com/LJhs4qwPl1
— Bitcoin Malaya 🇲🇾 (@bitcoinmalaya) May 4, 2023