PacWest stock drops as it reports decline in deposits in early May

PacWest Bancorp shares dropped 21% in premarket trades on Thursday after the bank said it lost 9.5% of deposits during the week ended May 5 amid market volatility. The bank PACW said its deposits were affected on the heels of First Republic’s government-brokered sale to JPMorgan Chase & Co. JPM,…

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