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BREAKING NEWS: PacWest Shares Slide Nearly 60% in After-Hours on Report of Possible Sale

BREAKING NEWS: PacWest Shares Slide Nearly 60% in After-Hours on Report of Possible Sale

PacWest Bancorp, whose shares have tumbled more than 70% this year, has been weighing a range of strategic options, including a sale, reported Bloomberg, citing people familiar with the matter.

The report noted that the Beverly Hills-based bank has not found much interest in an acquisition of the entire bank and could look to break it apart or just raise fresh capital.

PacWest has been in the crosshairs this week after the collapse and sale of First Republic Bank, which was sold to JP Morgan Chase & Co after the FDIC took it into receivership, in a deal that left shareholders with no equity.

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PacWest Bancorp

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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