Western Alliance Shares Plummet 53% After Reports of Sale Exploration

Vignesh Karunanidhi
Western Alliance Shares Plummet 53% After Reports of Sale Exploration

The banking sector has faced a difficult period in 2023 due to a series of events. The collapse of Silvergate Bank, Signature Bank, and Silicon Valley Bank caused repercussions throughout the financial industry. In addition, First Republic Bank recently suspended trading of its bank stocks and was taken over by the US government earlier this week.

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Additionally, PacWest Bancorp stock trading was halted, citing volatility causing its stock to plummet. PACW stock is down by 50% today. Western Alliance is the latest bank to jump on the bandwagon. The Financial Times reported earlier that the bank is exploring strategic options, including a potential sale. Following the report, the share prices of WAL also plummeted by 53%.

Western Alliance shares plummet by 53% following report of sale

The report by the Financial Times also cited that the Arizona-based bank is hiring advisors to reportedly explore its options for sale. The report also mentioned that the bank’s considerations are still at an early stage and might not come to anything. The Financial Times report is based on the details provided by two people who were familiar with the matter.

Banks have been in turmoil since 2023 and have been taking a tough stance. With the collapse of numerous banks, users are also steering toward cryptocurrencies as a safer way to store money.