Friday, May 5, 2023

US bank crisis fears widen as regional player PacWest Bancorp plunges 50pc

Nerves are starting to ratchet higher that regional banking failures in the United States could morph into a full-blown crisis in the world's biggest economy.

Wall Street stocks ended lower this morning as the fears the health of two small banks add to concerns that the US might fall into a recession later this year.

Los Angeles-based Pacwest Bancorp plunged by 50 percent on fears of a worsening bank crisis.

Another smaller bank Western Alliance Bancorp dived as much as 60 percent after an unverified report said it was looking for a buyer.

My analysis from this morning on ABC Newsradio with Thomas Oriti 

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