U.S. Banking Crisis Expanding

 

Axios: The regional banking crisis is expanding 

Federal Reserve chair Jay Powell yesterday said that the U.S. banking system is "sound and resilient." 

The big picture: It was akin to a sports team owner giving the coach a vote of confidence. If you're compelled to say it, things really aren't going well. 

Driving the news: PacWest reportedly is exploring strategic options, including a possible sale, acknowledging "discussions are ongoing" with "several potential partners and investors." 

* Shares in the Los Angeles-based lender were down 71% on the year as of yesterday's market close, and got further routed at today's open.  

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WNU Editor: The American public is losing confidence ..... About Half in U.S. Worry About Their Money's Safety in Banks (Gallup).

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