Shares of several regional banks in the United States declined on Friday as Treasury Secretary Janet Yellen reportedly cautioned the chief executives of the large banks that more mergers may be required amid growing concerns about the country's banking sector.
The negative sentiment was seemingly fueled up by the lack of progress on the debt ceiling negotiations, that could have "severe consequences" for the domestic and global economy, as well as for the United States banking system, according to Yellen.
At 2:51 pm ET, PacWest Bancorp slid 4.28% to sell for $5.59 per share. Meanwhile, Western Alliance lost 3.44% to $33.97 per share and Metropolitan Bank Holding Corp slid 3.78% to trade at $24.44 per share.
