As financial panic spreads, regulators temporarily suspended trading in shares of two US banks – Los Angeles-based PacWest and Arizona’s Western Alliance – after their prices fell dramatically.
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Two more US regional banks saw their shares suspended on Thursday, amid the worst crisis to hit the country’s financial sector since 2008.
Regulators temporarily suspended trading in shares of Los Angeles-based PacWest and Arizona’s Western Alliance after their prices fell dramatically.
PacWest Bancorp said late Wednesday it was in talks with potential partners and investors about strategic options after its shares dropped by as much as 60%.
“Recently, the company has been approached by several potential partners and investors – discussions are ongoing,” the bank announced.
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The minutes from the March meeting of the Federal Open Market Committee show that the Fed expects a banking crisis to cause a recession this year.