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PacWest cuts quarterly dividend to shore up finances

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The collapse of three U.S. lenders in two months has sent shockwaves throughout the sector

 
Shares of beleaguered PacWest Bancorp have jumped, leading a broader recovery in the battered U.S. banking sector.

PacWest’s stock boost comes after the bank on Friday said it would sharply cut its quarterly dividend to shore up its finances.

The Los Angeles-based lender will now pay one cent per common share, compared with its regular dividend payout of 25 cents, citing economic uncertainty and volatility in the industry.

Shares of PacWest were hammered to a record low last week after the bank said it was exploring strategic options, including a potential sale or capital raise.

The collapse of three U.S. lenders in two months has sent shockwaves throughout the sector, with investors dumping shares of even those banks that analysts say are financially sound.

The KBW Regional Banking index recovered some losses on Friday, but it is still down more than 26% since the beginning of the regional banking crisis in March.

PacWest shares were up as much as 24% on Monday before pairing some of those gains. Peers Western Alliance Bancorp, Comerica and Zions Bancorp also rose.

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Money

Will Australia’s foreign investment rule create an economic boost?

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Australian Treasurer Dr. Jim Chalmers announced an overall of foreign investment rules ahead of the budget.

Australia is set to announce a significant decline in its projected gross debt, signalling a more optimistic outlook for the country’s fiscal health.

The Airport Economist, Professor Tim Harcourt at UTS joins to discuss.

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Money

Research key to investment success

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What is the importance of research in the investing and super landscape in Australia?

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Peter Green, Director of Research at Lonsec Research. #wyld money

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Why “stagflation” will be the greatest financial threat of 2024

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With inflation soaring and economic growth tapering off, concerns about stagflation are on the rise

Stagflation, a situation characterised by high inflation coupled with stagnant economic growth, presents a unique challenge that many are ill-prepared to face.

Mark Wyld from MW Wealth joins to unpack what defines “stagflation”. #featured

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