US regional banks suffered severe stock declines on Thursday amid fresh calls for a more powerful intervention from Washington to stem the crisis.
Shares in PacWest plummeted 43.8 per cent after the California-based bank became the latest to seek a financial lifeline, announcing it was in talks with “several potential partners and investors”.
Later, Canada’s TD Bank said it was scrapping its planned $13bn acquisition of Memphis-based First Horizon, blaming uncertainty about regulatory approval of the deal. First Horizon shares were down 33.6 per cent at mid-afternoon in New York.
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