The financial services industry experienced significant turmoil last year as Silicon Valley Bank failed, and then the government took over Signature Bank just two days later. Other regional banks faced market contagion as customers rushed to withdraw funds from their accounts and investors sold off bank stock.
Western Alliance in Phoenix was one of the hardest hit institutions during the March 2023 banking crisis. Here’s an in-depth look at critical decisions its executives made during a hectic seven-day window, followed by how they responded to news reports in May that Western Alliance planned to put itself up for sale.
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