2023-05-06 05:49:11
U.S. regional bank holding companyPacWest Bancorp cut its quarterly dividend, citing volatility that has roiled the banking sector, although it said its business was “basically healthy.”
In a statement Wednesday, the bank said its board of directors announced a quarterly cash dividend of 1 cent per common share on Thursday. It used to pay 25 cents per share, according to data compiled by Bloomberg.
“Our business remains fundamentally healthy,” Chief Executive Officer Paul Taylor said in a statement. “Given the potential for , we believe a dividend cut is a prudent move as we accelerate our recapitalization plan.”
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