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Western Alliance Explores Sale Amid Regional Bank Struggles

Western Alliance, an Arizona-based bank, is considering strategic options, including a potential sale of all or part of its business. This move comes as the latest U.S. regional bank seeks a lifeline amidst industry turmoil.

Western Alliance Bank building
Western Alliance Bank building

Bank Denies Sale Rumors, Shares Plummet

Despite Western Alliance denying the story as "absolutely false," shares dropped 45% after the Financial Times reported the potential sale. PacWest, another regional bank, also announced plans to explore its options.

Confidence in U.S. Regional Banks Remains Low

The recent regulator-brokered takeover of First Republic by JPMorgan Chase failed to restore confidence in the U.S. regional banking sector, leading to heavy selling pressure on their shares this week.

Powell Reassures Health of the Banking System

US Federal Reserve Chair Jay Powell attempted to ease concerns about the turmoil, stating that conditions had "broadly improved" since early March and that the banking system as a whole was "sound."

Western Alliance's History with Robert Sarver

Former Phoenix Suns owner Robert Sarver, who was forced to sell the team due to a hostile environment investigation, led Western Alliance for the past two decades. He stepped down as the bank's chair last year amidst the NBA controversy.