JUST IN: PacWest Bancorp $PACW stock trading halted, citing volatility, after sinking 30% today. pic.twitter.com/awKS9nuTRD
— Watcher.Guru (@WatcherGuru) May 2, 2023
Many politicians have been caught trading across the banking crisis.
This includes U.S. Representative Daniel Goldman who sold PacWest Bancorp stock on March sixth. pic.twitter.com/zNMrKEF3Ag
— Quiver Quantitative (@QuiverQuant) May 2, 2023
US 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. Residents Financial, $CFG: -5%
The worst part?…
— The Kobeissi Letter (@KobeissiLetter) May 2, 2023
Bad day for banks. Are things accelerating?
S**t Just Hit The Fan Across Markets, Regional Banks Crashing
And despite the Biden admin claiming that FRC was just one other ‘outlier’ business model, PacWest, Western Alliance, and Zions (amongst others) are in a freefall…
However the ‘big banks’ are also getting slammed…
“Most Shorted” stocks are getting monkeyhammered lower..
Gold has spiked back above $2000…
And Oil prices are tumbling, with WTI now back well below pre-OPEC+ levels…
www.zerohedge.com/markets/st-just-hit-fan-across-markets-regional-banks-freefall
Almost half of America’s 4,800 banks have already burned through their capital buffers and are running on negative equity. They might not need to mark all losses to market under US accounting rules but that doesn’t make them solvent. Someone will take those losses.
“It’s spooky. 1000’s of banks are underwater,” said Professor Amit Seru, a banking expert at Stanford University. “Let’s not pretend that that is nearly Silicon Valley Bank and First Republic. Lots of the US banking system is potentially insolvent.”
One among the ten most vulnerable banks is a globally systemic entity with assets of over $1 trillion. Three others are large banks. “It shouldn’t be just an issue for banks under $250bn that didn’t need to pass stress tests,” he said.
finance.yahoo.com/news/half-america-banks-already-insolvent-133000968.html
*LAWMAKERS URGE POWELL TO HALT INTEREST RATE HIKES
there we go
— zerohedge (@zerohedge) May 2, 2023
BREAKING: Bloodbath in regional banks
PacWest Bancorp -39.3%
Western Alliance -22%
Regional Bank ETF $IAT -6.5%
Each name within the regional bank ETF is red pic.twitter.com/r297jrXUAv
— Genevieve Roch-Decter, CFA (@GRDecter) May 2, 2023
A reminder that back within the Global Financial Crisis over 150 banks went out of business.
Today, 4 failures already equate to almost the whole amount of assets financial institutions held throughout the banking crisis issue of ’08 and ’09.
In the event you are asking yourself whether the Fed… pic.twitter.com/MsOUrC93jr
— Otavio (Tavi) Costa (@TaviCosta) May 2, 2023
PacWest Bancorp $PACW is likely to be next on the chopping block for bank failures. Down big again today.
We are only waiting on Jim Cramer to inform us that it is powerful bank with the intention to confirm the FDIC can move in. pic.twitter.com/84aiOKKPB5
— Wall Street Silver (@WallStreetSilv) May 2, 2023
Fucking Legend pic.twitter.com/KswepBcWFP
— Not Jerome Powell (@alifarhat79) May 2, 2023
Morgan Stanley is shedding 3,000 employees over the subsequent 2 months
IPO volume is down 41% within the US this yr.
Expect more cuts in investment banking. pic.twitter.com/FQpHKsssbc
— Genevieve Roch-Decter, CFA (@GRDecter) May 2, 2023
h/t jlee2027