Western Alliance shares cut losses after the bank says deposit outflows are stabilizing
Publishing timestamp: 2023-04-05 16:32:37
Summary
Western Alliance Bancorp's stock initially fell due to concerns over deposit outflows, but the bank provided an update showing that outflows have stabilized and deposit balances have grown since the end of March. The bank experienced $6 billion in net deposit outflows in the first quarter, but has seen deposits grow by $1.2 billion in April. The bank also noted that its total insured deposits now represent 68% of total deposits, up from 50% at year-end.
Sentiment: MIXED
Tickers: WAL,
Keywords: markets, stock markets, breaking news: business, business news, breaking news: markets, western alliance bancorp, wall street, breaking news: investing, investment strategy,