Gold prices are near record highs amid global geopolitical tensions and an ongoing crisis in the U.S. banking sector. Gold futures on the New York Mercantile Exchange hit a record high of $2,072 per ounce on May 4. Spot gold price on the day was also within a few cents of its all-time high of…
Gold Prices Near Record Highs as US Banking Crisis Continues
May 12, 2023
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Pacific Western Shares Slide as Bank Reports Deposits Fall, Pledges More Assets as Collateral
Shares of Pacific Western Bank fell again on May 10 after the lender confirmed it continued to see deposit outflows of nearly 10 percent in the first week of the month. The California-based lender disclosed in a securities filing that its deposits fell around 9.5 percent during the week of May 5, with the majority of withdrawals taking…
PacWest Confirms It’s Considering Sale as Stock Selloff Deepens
Pacific Western Bank has confirmed that it’s exploring its “strategic options,” which is Wall Street code for the possibility of a sale to a white knight, with the bank saying it has been approached by potential investors. PacWest Bancorp, the California-based holding company that owns Pacific Western Bank, said in a statement on May 4…
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