WESTERN ALLIANCE CEO SAYS ALLEGED LOAN FRAUD IS 'INCREDIBLY FRUSTRATING' BUT ISOLATED ISSUE
https://image.cnbcfm.com/api/v1/image/107235779-16832206782023-05-04t171558z_9875603_rc2qr0apvcd4_rtrmadp_0_usa-banks.jpeg?v=1683220770&w=1920&h=1080
✍️ Western Alliance Bancorporation, a regional bank, reported third-quarter earnings and reassured investors that a recent loan issue is an isolated case.
👉 Western Alliance reported third-quarter earnings and set aside $30 million in reserves for possible losses on a $98 million loan made to the Cantor Group. 👉 The bank's CEO, Kenneth Vecchione, said the issue is a one-off and the bank has adjusted its onboarding and ongoing portfolio monitoring practices. 👉 The bank's shares rose almost 2% in midday trading. 👉 Regional banks are getting a reprieve this week after Western Alliance and Zions reported results that didn't include any new loan meltdowns.
-- #KennethVecchione #TimurBraziler #NewYorkStockExchange #CantorGroup #business
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