U.S. Banking Crisis
Regional Banking Crisis Continues
Investors, reeling from the most serious string of banking failures to hit the US since 2008, are fleeing smaller lenders seen as at risk of falling next. Shares in California-based PacWest plunged 50%, while Western Alliance also tumbled nearly 40%. The US Treasury Department said it was monitoring developments "closely". "The banking system has substantial liquidity and deposit flows are stable," an official said.