PacWest Bancorp is the latest regional financial institution to come under pressure amid rising interest rates.
“The market is just moving on from First Republic, looking for the next weakest gazelle,” said David Smith, a banking analyst with Autonomous Research.
There is no public indication of a similar exodus at either of the banks that investors hammered Thursday. “It’s really an issue of perception and the extent to which it carries over to deposits,” Smith said.
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