PacWest Bancorp shares led declines in U.S. regional lenders on Tuesday, as the demise of three banks in less than two months heightened investor fears that the ongoing crisis could deepen.
, which have been at the heart of the sell-off in regional banks, saw the steepest drop in deposits in the first quarter after First Republic, according to S&P Global Market Intelligence data.
His outlook on regional banks is neutral as deflated valuations, relatively strong capital levels, and resilient credit quality are countered by fears of deposit outflow, slowing loan growth and big exposure to struggling office real estate.
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