Robert Besser
25 Mar 2023, 13:10 GMT+10
LONDON, England: During a Bloomberg conference held in London this week, Luke Ellis, CEO of hedge fund Man Group, said that the banking crisis sparked by the collapse of Silicon Valley Bank has not ended, and more banks will fail within two years.
In a move that has brought some calm to markets after the ongoing chaos, Credit Suisse was rescued by Swiss rival UBS over the weekend.
"I think we will have significantly more banks that do not exist in 12-24 months," Ellis said, as quoted by Reuters, adding that he thought smaller and regional banks in the US and challenger banks in the UK could be at risk.
The growth in social media had accelerated how quickly concerns about banks circulate, he said, noting, "Things happen at a much faster speed, whether it is a crisis or it is good news."
However, a spokesperson for the UK central bank, the Bank of England, said, "The UK banking system is well capitalized and funded, and remains safe and sound," as reported by Reuters.
In response to the crisis, central banks around the world have coordinated measures to ensure the flow of cash between banks globally.
Alexander Chartres, investment director at asset manager Ruffer LLP, stressed that if there is to be a US recession, he would invest across different asset classes.
Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...
New Delhi [India], December 8 (ANI): The fifth season of the Pro Tennis League (PTL) get underway on Thursday at ...
© Provided by Xinhua The festive mood in Stockholm dims as Swedes confront an "economic winter" marked by a technical ...
Hyderabad (Telangana) [India], December 7 (ANI): Senior Congress leader V Hanumantha Rao on Thursday said that the Revanth Reddy-led government ...
(Photo credit: Kirby Lee-USA TODAY Sports) A former Jacksonville Jaguars employee is accused of funding his lavish lifestyle by stealing ...
Mumbai (Maharashtra) [India], December 7 (ANI): Actor Vicky Kaushal has been receiving a lot of praise from his fans for ...
In September, Tamir Pardo, who headed the Mossad, Israel's national intelligence agency, under Prime Minister Benjamin Netanyahu from 2011 to ...
HONOLULU, Hawaii: U.S. Navy officials say that it would cost some $1.5 million to salvage a P-8A jet plane that ...
NEW YORK, New York - In a rare move, United Nations Secretary-General Antonio Guterres has taken a dramatic constitutional step ...
BUKITTINGGI, Indonesia: On December 2, Mount Marapi in West Sumatra province, Indonesia, erupted, sending hot ash clouds several miles (kilometers) ...
PHILADELPHIA, Pennsylvania: In a measure supporters claimed will increase public safety amid high violent crime rates, Philadelphia City Council passed ...
CHICAGO, Illinois: As winter sets in and with cold weather just around the corner, Chicago is struggling to house hundreds ...