On Monday JPMorgan Chase CEO Jamie Dimon revealed the banking crisis was over.
This sought JPMorgan Chase was enabled to buy the possessions from stopped working First Republic Bank.
On Tuesday, stocks plunged for numerous local banks.
1. PacWest, $PACW: -30%
2. Western Alliance, $WAL: -25%
3. Metropolitan Bank, $MCB: -21%
4. HomeStreet, $HMST: -15%
5. Zions Bank, $ZION: -10%
6. KeyCorp, $KEY: -7%
7. HarborOne, $HONE: -6%
8. People Financial, $CFG: -5%
Via The Kobeissi Letter.
United States Regional Bank Stocks Today:
1. PacWest, $ PACW: -30%
2. Western Alliance, $ WAL: -25%
3. Metropolitan Bank, $ MCB: -21%
4. HomeStreet, $ HMST: -15%
5. Zions Bank, $ ZION: -10%
6. KeyCorp, $ KEY: -7%
7. HarborOne, $ HONE: -6%
8. People Financial, $ CFG: -5%
The worst part? …
— The Kobeissi Letter (@KobeissiLetter) May 2, 2023
JUST IN:
Dozens of local bank stocks are plunging today, as the bank crisis continues to acquire momentum.
PacWest, $ PACW: -36%
Western Alliance, $ WAL: -31%
Metropolitan Bank, $ MCB: -27%
HomeStreet, $ HMST: -23%
Zions Bank, $ ZION: -15%
KeyCorp, $ KEY: -9%
HarborOne, $ HONE: -10% … pic.twitter.com/TxKZIhFe85— WhaleWire (@WhaleWire) May 2, 2023
The worst is NOT over.
Absolute bloodbath in local banks, led by the 2 I flagged the other day: PacWest (down 25%) and Western Alliance (down 19%).
No concerns, last month Janet informed us the banking system is safe, and simply recently Dimon stated the worst is over
https://t.co/XJikH6FJqA
— Peter St Onge, Ph.D. (@profstonge) May 2, 2023
It was another rough day for banks.
Via Reuters
Los Angeles-based PacWest toppled by more than 27%. It is ranked 53 rd amongst U.S. loan providers with $412 billion in properties since completion of in 2015, according to Federal Reserve information.
Phoenix, Arizona-based loan provider Western Alliance, the No. 40 U.S. bank with $68 billion in properties, sank 15% while Cleveland, Ohio-based KeyCorp (KEY.N), the 20 th biggest bank with $188 billion in possessions, fell 9%.
Comerica (CMA.N), a Dallas, Texas-based bank ranked 37 th amongst U.S. loan providers with $86 billion in properties, shed 12%. Columbus, Georgia-based Synovus Financial Corp (SNV.N), with $60 billion in possessions and ranked the 42 nd U.S. most significant bank, lost almost 7%.
Valley National Bankcorp (VLY.O), which owns Valley National Bank based in Passaic, New Jersey and is the 43 rd biggest lending institution with $57 billion in possessions, closed 3% lower after shedding more than 20% on Monday.
The post United States Regional Bank Stocks Crash– PacWest Down 30%, Western Alliance Down 25%, Metropolitan Bank Down 21% appeared initially on The Gateway Pundit
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