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 Iran Herald 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 Iran Herald.
More InformationNEW YORK, New York - U.S. stocks remained on a slippery slope on Wednesday as interest rates continued to hover ...
SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...
YOKOHAMA, Japan: Joining a growing number of carmakers that are shifting to electric vehicles (EV) by the end of the ...
NEW YORK, New York - There was a major bust on Wall Street on Tuesday as investors continued to fret ...
DETROIT, Michigan: This week, the United Auto Workers (UAW) expanded its members' strike to include dealers selling and servicing General ...
TOKYO, Japan: Toyota Motor (7203.T) is ramping up its production of electric vehicles (EVs) under both the Toyota and luxury ...
ISLAMABAD, Pakistan - Caretaker Foreign Minister Jalil Abbas Jilani stated on Saturday that Pakistan's decision to establish relations with Israel ...
Tel Aviv [Israel], September 28 (ANI/TPS): Israel's Minister of Energy and Infrastructure Israel Katz and the director general of his ...
Abu Dhabi [UAE], September 28 (ANI/WAM): Abu Dhabi Future Energy Company PJSC- Masdar, and PLN Nusantara Power (PLN NP), have ...
DOHA, 28th September, 2023 (WAM) -- Sheikh Zayed bin Khalifa bin Sultan Al Nahyan presented his credentials as Ambassador Extraordinary ...
NEW YORK, 27th September, 2023 (WAM) - Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State, met with a number ...
DUBAI, 27th September, 2023 (WAM) - Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, said the country's foreign policy ...