“Confidence in a financial institution is built over decades and destroyed in days. As each domino falls, the next weakest bank begins to wobble,” said Bill Ackman this afternoon.
Well, PacWest is the next domino. Today its stock plummeted over 50% – down almost 90% year-to-date. The latest casualty from the loss in investor confidence in the regional banking system following the collapse of Silicon Valley Bank, alongside Signature Bank and First Republic Bank.
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