Category: Banking Crisis
PacWest plummets 28% to resume sell-off after the regional bank says deposits fell 9.5% last week
A branch of regional lender Pacific Western Bank in Whittier, California. AP Photo/Ashley Landis PacWest sank 28% Thursday after the regional lender reported a 9.5% drop in deposits last week. The bulk of the deposit decline came after reports said PacWest was exploring strategic options. “The news headlines increased our customers’ fears of the safety of their deposits,” the bank said. PacWest stock sank Thursday…
Billionaire investor Nelson Peltz says money flying out of banks is dangerous. Here’s his idea for the Fed that he...
Newsbreak 2 months ago in Around The World, Banking Crisis, FDIC, Federal Reserve, Markets, MI Exclusive, Nelson Peltz, Silicon Valley Bank, SVB 0 Trian Fund founding partner Nelson Peltz. David A. Grogan/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images Nelson Peltz sees a way to stop customers from yanking money from small banks following SVB’s implosion. Depositors who want their accounts covered beyond the FDIC’s $250,000 limit could pay a premium. For example, customers could pay a small percentage of their CD rates, he told CNBC on Monday. Billionaire and…