Finance
A Beach Club Dinner and Jamie Dimon’s Touch: How PacWest Was Rescued
- PacWest’s soaring interest costs had crippled balance sheet
- JPMorgan, Warburg Pincus helped Banc of California strike deal
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PacWest Bancorp had borrowed its way into a corner. A smaller rival smelled an opportunity. And there was private equity money eager to swoop in.
Add a touch of Jamie Dimon and there was enough for a struggling bank to pull off a deal without the government needing to step in.