The bank’s price fell sharply in after-hours trading.
(Photo: Bloomberg)
Denver Just a few hours after the US Federal Reserve announced another rate hike, regional banks have come under renewed pressure. Los Angeles-based Pacwest fell about 60 percent in after-hours trading. The institute is looking for a buyer and is considering other strategic options, reports the Bloomberg news agency. Apparently that scared investors away.
Other regional financial institutions also got caught up in the downward spiral. The Western Alliance from Phoenix in the US state of Arizona lost around 30 percent in after-hours trading. The papers of the Western Alliance have lost a good 90 percent of their value since the beginning of the year. Zions of Salt Lake City, Utah, fell 10 percent.
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