On Monday JPMorgan Chase CEO Jamie Dimon announced the banking crisis was over.
This was after JPMorgan Chase was allowed to purchase the assets from failed First Republic Bank.
On Tuesday, stocks plunged for several regional banks.
1. PacWest, $PACW: -30%
2. Western Alliance, $WAL: -25%
3. Metropolitan Bank, $MCB: -21%
4. HomeStreet, $HMST: -15%
5. Zions Bank, $ZION: -10%
6. KeyCorp, $KEY: -7%
7. HarborOne, $HONE: -6%
8. Citizens Financial, $CFG: -5%
Via The Kobeissi Letter.
US Regional Bank Stocks Today:
1. PacWest, $PACW: -30%
2. Western Alliance, $WAL: -25%
3. Metropolitan Bank, $MCB: -21%
4. HomeStreet, $HMST: -15%
5. Zions Bank, $ZION: -10%
6. KeyCorp, $KEY: -7%
7. HarborOne, $HONE: -6%
8. Citizens Financial, $CFG: -5%
The worst part?…
— The Kobeissi Letter (@KobeissiLetter) May 2, 2023
JUST IN:
Dozens of regional bank stocks are plunging today, as the bank crisis continues to gain momentum.
PacWest, $PACW: -36%Western Alliance, $WAL: -31%Metropolitan Bank, $MCB: -27%HomeStreet, $HMST: -23%Zions Bank, $ZION: -15%KeyCorp, $KEY: -9%HarborOne, $HONE: -10%… pic.twitter.com/TxKZIhFe85
— WhaleWire (@WhaleWire) May 2, 2023
The worst is NOT over.
Absolute bloodbath in regional banks, led by the two I flagged yesterday: PacWest (down 25%) and Western Alliance (down 19%).
No worries, last month Janet told us the banking system is safe, and just the other day Dimon said the worst is over 🤡https://t.co/XJikH6FJqA
— Peter St Onge, Ph.D. (@profstonge) May 2, 2023
It was another rough day for banks.Via Reuters.
Los Angeles-based PacWest tumbled by more than 27%. It is ranked 53rd among U.S. lenders with $41.2 billion in assets as of the end of last year, according to Federal Reserve data.
Phoenix, Arizona-based lender Western Alliance, the No. 40 U.S. bank with $68 billion in assets, sank 15% while Cleveland, Ohio-based KeyCorp (KEY.N), the 20th largest bank with $188 billion in assets, fell 9%.
Comerica (CMA.N), a Dallas, Texas-based bank ranked 37th among U.S. lenders with $86 billion in assets, shed 12%. Columbus, Georgia-based Synovus Financial Corp (SNV.N), with $60 billion in assets and ranked the 42nd U.S. biggest bank, lost nearly 7%.
Valley National Bankcorp (VLY.O), which owns Valley National Bank based in Passaic, New Jersey and is the 43rd largest lender with $57 billion in assets, closed 3% lower after shedding more than 20% on Monday.