Shares of Western Alliance Bancorp surged 24% on Wednesday after the U.S. regional bank posted stronger-than-expected earnings and said its deposits had stabilized, helping allay fears that last month's banking crisis could envelop more lenders.
A screen displays the logo and trading info for Western Alliance Bancorporation on the floor of the New York Stock Exchange in New York City, U.S., March 14, 2023. REUTERS/Brendan McDermidsurged 24% on Wednesday after the U.S. regional bank posted stronger-than-expected earnings and said its deposits had stabilized, helping allay fears that last month's banking crisis could envelop more lenders.
Balance sheet repositioning, which included selling some assets and reclassifying loans, resulted in non-operating charges of $110 million, the bank added.
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