PacWest Bank Shares Crumble; Maker Limits Obesity Drug Wegovy Supply
WSJ What’s News
The Wall Street Journal
4.1 • 4.2K Ratings
🗓️ 4 May 2023
⏱️ 16 minutes
🧾️ Download transcript
Summary
Transcript
Click on a timestamp to play from that location
| 0:00.0 | To gain visibility and control over your financials, inventory, HR, e-commerce, and more, |
| 0:05.0 | take advantage of the special financing offer of no payments or interest for six months from |
| 0:09.6 | NetSuite by Oracle. Go to NetSuite.com slash Wall Street. That's NetSuite.com slash Wall Street. |
| 0:21.2 | More regional banking jitters as shares of PacWest plummet. Plus the maker of popular obesity drug, |
| 0:28.4 | we gov limits doses amid a supply crunch and can Singapore be the next Hong Kong. |
| 0:35.6 | It's midway in a sense between China and the US and the way that Hong Kong cannot claim to be |
| 0:41.5 | anymore. People are starting to try and kind of compare to Switzerland, for example. That could end |
| 0:45.9 | up being a very powerful position to play, both from kind of a corporate perspective and politically as well. |
| 0:51.3 | It's Thursday, May 4th. I'm Luke Vargas with the Wall Street Journal, and here is the AM edition |
| 0:57.0 | of What's News, the top headlines and business stories moving your world today. |
| 1:09.8 | And we begin today with fresh stress in the US banking sector. Shares in regional lender |
| 1:16.0 | PacWest fell more than 50% overnight after Bloomberg reported that the bank was considering |
| 1:22.3 | strategic options, including a sale. At the same time, bank stocks wiped out earlier gains |
| 1:28.7 | yesterday, despite the Federal Reserve expressing optimism about the strength of the US banking system. |
| 1:34.8 | And here to unpack all of this, we're joined by journal reporter Ben Dumbit. |
| 1:39.3 | Ben, first off, tell us about PacWest. What do we know here? Why is the stock slipped so much? |
| 1:44.4 | The stock has been caught up in the whole upheaval that's been going on in the regional bank sector |
| 1:51.3 | in light of the recent collapses we've seen most recently, First Republic. |
| 1:55.9 | Why it got hit so hard after the close yesterday was primarily because of a report that it is |
| 2:03.3 | considering strategic options, including a possible sale. The bank responded to that by |
| 2:09.5 | issue and release that tried to reassure investors. It said that it hadn't suffered any unusually |
| 2:16.5 | high outflow of deposits since the First Republic deal where there was the forced sale of that |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from The Wall Street Journal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of The Wall Street Journal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.