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US bank PacWest seeks buyer as confidence crisis spreads
Source: BBC
US bank seeks buyer as confidence crisis spreads
4 May 2023
Another US bank is seeking a financial lifeline as a crisis of confidence in the country's banking sector continues.
PacWest said it is considering its options after it said it had been approached by potential buyers and investors, as its share price plunged.
Confidence in the banking industry - especially mid-sized lenders - has been shaken by a series of failures.
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The statement confirmed reports that sent PacWest's share price tumbling, with investors worried that it "will be the next domino to fall", according to analyst Susannah Streeter, at Hargreaves Lansdown.
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Read more: https://www.bbc.com/news/business-65480000