Hedge fund Citadel on Tuesday said it bought a 5.3% stake in Western Alliance Bancorporation , sending a strong signal of confidence as the company was swept up in growing fears of a broader financial crisis after two other banks were seized.
Kenneth Griffin, CEO of Citadel, is seen in a framegrab from live video as he testifies about stock trading and GameStop, during an entirely virtual hearing of the U.S. House of Representatives Committee on Financial Services entitled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide?”, in Washington, U.S., February 18, 2021.
, sending a strong signal of confidence as the company was swept up in growing fears of a broader financial crisis after two other banks were seized. Citadel, run by billionaire Ken Griffin, earned $16 billion in profits for investors last year and its trades are closely watched by markets for signs of trends. Last year's returns made Citadel the most successful hedge fund ever.
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