PacWest was heavily sold off this week, but during the last session of the week, shares bounced from the lows by over 80%! This is likely due to an overreaction to JP Morgan's recent acquisition of First Republic Bank.
It is worth noting that other larger banks, such as Charles Schwab, are also gaining today. Charles Schwab shares are up nearly 5% after the company reported a slowdown in deposit outflows for three consecutive months.
Stocks like SCHW, PacWest, and Western Alliance were all heavily sold this week. Other companies in the sector, such as Zions Bancorp and Comerica Inc., are also seeing gains by a couple percent. The strong rebound in regional bank stocks is also being felt on the Russell 2000 index, which is up about 2% today. However, despite giant bank corporations like Citi, JP Morgan, and Morgan Stanley, the US banking market is one of the least consolidated in the world, with over 4,000 banks. In other major countries, banks are typically limited to a few hundred entities.
Source: xStation5
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