Another US bank on collapse! Pacific Western Bank | Jagran Business- Watch Video

Saumya JaiswarPublish Date: 08 May, 2023

The US Bank Crisis is growing day by day. First Silicon Valley Bank, then Signature Bank and now First Republic Bank have been locked. Big banks are collapsing one after the other and in this time of crisis, the Federal Reserve is continuously increasing the interest rates. Another bad news is coming from America. The Pacific Western Bank here is also in a bad condition and its shares are witnessing a steep decline. 

According to Reuters reports, America's Los Angeles-based Pacific Western Bank informed about the upheaval in its banking business. According to the statement given by the bank, since March 13, 2023, there has been a sharp decline in net outflow.

This statement was issued on behalf of this American bank last Friday, while the shares of its parent company PacWest Bankcorp fell by 19 percent within a week due to the banking crisis. At the same time, the news of the bank management looking for strategic options in this period of crisis had such an impact on the bank's shares on Wednesday that shook everyone. PacWest Bancorp shares fell 56 percent on Wednesday.

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