US banking sector are facing difficult times due to many events Since the collapse of Silvergate Bank, Signature Bank, and Silicon Valley Bank, it has had repercussions throughout the financial industry. In addition, First Republic Bank recently suspended trading of its shares. and was controlled by the US government earlier this week.
Trading in PacWest Bancorp shares also stalled, citing the volatility that caused the company’s shares to plummet, with PACW shares tumbling 50% and Western Alliance today becoming the latest bank to drop, according to the Financial Times. reportIt was previously said the bank was exploring strategic options, including divestitures. WAL’s share price also plummeted 53%.
“This is not true,” a Western Alliance spokesperson told CNN via email, confirming that the bank had not experienced any unusual withdrawals and that it had adequate liquidity.
“None of the elements of the article are true, and Western Alliance did not explore divestitures and did not hire consultants to explore strategic options. It is shameful and irresponsible for the Financial Times to allow itself to be used as a tool by short sellers and as a conduit to spread false news about banks that are financially healthy and profitable,” a spokesperson told CNN. in email
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