Regional banks rally after getting hammered last week
CBSN
Regional banks continued to rally on Monday and shook off the steep market losses they experienced last week.
PacWest shares shot up 20% in early trading on Monday, while Western Alliance and Zions rose 3%. The rebound comes after midsize lenders saw their shared nosedive following the sudden collapse of Silicon Valley Bank and Signature Bank, and more recently with JPMorgan Chase's emergency takeover last week of First Republic Bank.
Despite the recent turbulence in banking, PacWest "remains fundamentally sound," CEO Paul Taylor said Friday in announcing that the $44 billion bank would cut its quarterly dividend.
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