US regional bank shares sink despite Fed calling banking system ‘sound’ By Cointelegraph

Share prices of several United States regional banks tanked in after-hours trading Wednesday, despite Federal Reserve Chairman Jerome Powell calling the banking sector “sound” and “resilient” just hours before.

One such regional bank, PacWest Bancorp, fell a whopping 52.5% in after-hours trading after Bloomberg reported that the bank would explore strategic options on May 4. It has been seen by some as another bank to potentially fall amid a U.S. banking crisis.