Western Alliance Shares Recover as Deposit Outflows Stabilize

Western Alliance Bancorp's shares recovered some of their losses after the bank reported that deposit outflows have stabilized and net outflows have returned to normalized levels. The bank also noted that deposit balances grew by $900 million since March 30 and that total insured deposits now stood at 68% of total deposits, significantly higher than year-end. The bank had suffered a total of $6 billion net deposit outflows in the first quarter, concentrated in its tech and innovation as well as settlement services groups.