Bank woes mount as investors bail from regional lenders
CBSN
The future of PacWest Bancorp hangs in the balance as investors pull back from regional lenders following the sudden collapse of three prominent banks in a matter of weeks.
Shares of the $44 billion bank continued to slide Thursday, tumbling 60% to an all-time low of $2.57 and with trading briefly halted due to volatility. The latest dive in the stock, which has fallen 89% this year, followed a report by Bloomberg News on Wednesday that PacWest is weighing its strategic options, including a possible sale.
In a statement issued late Wednesday, PacWest confirmed that it has "explored strategic asset sales" and has recently "been approached by several potential partners and investors." Those talks continue, the company added.
Lockheed Martin, the multinational defense and aerospace firm, is one of the latest big businesses to donate a million dollars to President-elect Donald Trump's inaugural committee.
The IRS said Friday it will kick off the new tax season on Monday, Jan. 27, allowing taxpayers to begin filing their 2024 tax returns.
The IRS said Friday it will kick off the new tax season on Monday, Jan. 27, allowing taxpayers to begin filing their 2024 tax returns.
Meta is ending its key diversity, equity and inclusion programs, joining other corporate giants like Ford, McDonald's and Walmart that have pulled the plug on their DEI initiatives.
The Biden administration on Friday announced it would extend the temporary legal status of nearly 1 million immigrants from El Salvador, Sudan, Ukraine and Venezuela, utilizing a program that is expected to be curtailed by the incoming Trump administration.
At least four people were injured Friday morning after a Minneapolis-bound Delta Airlines flight aborted its takeoff at Hartsfield-Jackson Atlanta International Airport, airport officials said.
Titan Farms, a South Carolina company that supplies fresh and frozen fruits and vegetables to major U.S. retailers, illegally deducted political contributions and cleaning fees from more than 1,300 seasonal foreign workers, according to federal officials.
Macy's is closing 66 store locations that it has said are underperforming. The closures are part of the storied retailer's turnaround strategy.
President-elect Donald Trump was sentenced to be released with no restrictions Friday after his criminal conviction in the "hush money" case in New York.
Tesla is recalling more than 240,000 vehicles because of a rearview visibility issue.
The victims who died in the wind-driven fires that have decimated the Los Angeles area fires this week include a man who was found holding a garden hose as well as an 82-year-old man who died in his bed, family members told CBS News.