Banking: PacWest shares jump after lender says it’s ‘fundamentally sound’ but it’ll reduce its dividend

May 8, 2023

PacWest Bancorp’s stock rallied Monday after it said the business remains “fundamentally sound,” and released plans to reduce its dividend to build up capital reserves.

PacWest PACW is up 9.4% in morning trades, as it gained back more of its steep losses in the past week following the sale announcement of First Republic to JPMorgan Chase & Co. JPM.

“Our…

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