Closing post
Time to wrap up… here are today’s main stories:
Western Alliance, the US lender, has now issued a firm denial to the Financial Times’s claim that it was exploring a potential sale.
In a statement disputing the FT’s article, Western Alliance says:
The Financial Times’ report today that Western Alliance is considering a potential sale of all or part of its business is categorically false in all respects. There is not a single element of the article that is true. Western Alliance is not exploring a sale, nor has it hired an advisor to explore strategic options.
It is shameful and irresponsible that the Financial Times has allowed itself to be used as an instrument of short sellers and as a conduit for spreading false narratives about a financially sound and profitable bank.
We are considering all of our legal options in response to today’s article.
Shares in Western Alliance had been suspended earlier, but are now trading again – down around 38% today.
According to the FT, shares of Western Alliance were trading down 25% before the Financial Times reported the potential sale and were 45% lower after the article was published.
The FT had earlier reported that “Western Alliance is exploring strategic options including a potential sale of all or part of its business, according to two people briefed on the matter…”
