PacWest Bankcorp led a relief rally in regional banks on Monday, after the struggling lender slashed dividend to build capital amid the banking crisis.
"Given current economic uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements, we view reducing the dividend as a prudent step to accelerate our plans to build capital," Taylor said in a release.last week, resulting in the third failure of an American bank since March. A rapid increase in interest rates has weighed on banks with long-term bond assets, causing a deposit flight.
confirming it was in talks with several possible partners and investors. The California-based bank said it had not experienced "out-of-the-ordinary deposit flows" after First Republic's collapse. Shares of PacWest are down more than 40% in May and 75% for the year through Friday. The SPDR Regional Banking ETF is off by 10% in May and 35% for the year through Friday.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Pacwest Bancorp Declares $0.01 Quarterly Dividend; 0.7% Yield By Investing.com*PACWEST BANCORP SLASHES QUARTERLY DIVIDEND BY 95% TO $0.01, CITING BANK TURMOIL $PACW
Weiterlesen »
PacWest shares jump 12% in premarket after lender says it’s cutting dividendPacWest Bancorp shares rose 12% in premarket trade after the embattled lender late Friday said it was reducing its dividend. “Given current economic...
Weiterlesen »
Former Sheriff Alex Villanueva to launch talk radio show on MondayThe show will air 10 to 11 a.m. Monday through Friday at CRNTalk.com with the former sheriff.
Weiterlesen »
Despite new contract offer, Oakland teachers’ strike likely to continue MondayThe teachers union is demanding back-and-forth bargaining for “common good proposals” intended to provide racial and environmental justice to students.
Weiterlesen »
Former Sheriff Villanueva to launch talk radio show MondayThe former LA County Sheriff will offer his take on issues like public safety, law enforcement and homelessness in a new hour-long morning talk radio show.
Weiterlesen »