Why PacWest Bancorp (PACW) And Western Alliance (WAL) Stock Are Nosediving

PacWest Bancorp PACW and Western Alliance Bancorporation WAL shares are trading lower by 13.04% to $9.96 and 17.50% to $30.58, respectively, Friday morning.

Shares of several companies in the broader financial industry are trading lower on continued downward momentum in the sector amid volatility and stability concerns following multiple bank failures.

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SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.

SVB Securities, SVB Capital's funds, and general partner entities are not included in the Chapter 11 filing. These businesses will continue to operate normally as SVB Financial Group proceeds with its previously announced exploration of strategic alternatives announced on Monday but did not disclose bankruptcy as one of the potential options...Read More

According to data from Benzinga Pro:

• PACW has a 52-week high of $46.76 and a 52-week low of $5.00
• WAL has a 52-week high of $89.26 and a 52-week low of $7.26