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PacWest shares jump 12% in premarket after lender says it’s cutting dividend

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PacWest Bancorp shares PACW rose 12% in premarket trade after the embattled lender late Friday said it was reducing its dividend. “Given current economic uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements, we view reducing the dividend as a prudent step to accelerate our plans to build capital to CET1 of 10%+,” said CEO Paul Taylor in a statement. PacWest shares jumped 82% on Friday, but have fallen 75% this year.