PacWest sees sharp recovery, shares jump over 84% - Breaking The News
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PacWest sees sharp recovery, shares jump over 84%

Markets
Christian Baha / AY

1 min read

EPA-EFE/PETER FOLEY

The shares of PacWest Bancorp increased sharply on Friday, after yesterday's dive, as concerns in the United States banking sector seemingly abated.

Previously, the company confirmed that it was holding discussions with potential partners and investors after reports of a potential sale broke. Today's broad rebound in the regional bank sector seems to have been partially set off by JPMorgan Chase & Co. upgrading Western Alliance Bancorp, alongside Zions Bancorp and Comerica Bank, to the overweight rating, meaning that their shares are expected to perform better in the future.

PacWest's stock skyrocketed 84.70% at 11:37 am ET, going for $5.85 per share.

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