Man Group CEO Says More Banks Will Fail Over Next 2 Years | – #Man #Group #CEO #Banks #Fail #Years
LONDON, March 22 (Reuters) – The fallout from the collapse of Silicon Valley Bank bank The crisis is not over yet and a significant number bank will be bankrupt within two years. Ellis said at the Bloomberg conference in London on Wednesday.
When asked if the crisis in the sector was over, Ellis told delegates at the event that he didn’t think so.
Market chaos forced an emergency bailout of Credit Suisse by Swiss rival UBS over the weekend, bringing some calm to markets.
“I think within 12 to 24 months we’re going to have significantly more banks that don’t exist,” he said USAsaid they think smaller and regional banks in the UK and rival banks in the UK may be at risk.
Ellis, social technology, like the media, has accelerated the time frame in which concerns about banks can spread, he said. “Everything happens faster. Whether it’s a crisis or good news,” he said.
Ellis USAAlthough he says he has no position in the regional banks, many hedge funds in recent days bank they made money by betting against the banks from the volatility in the sector.
Reporting by Iain Withers and Nell Mackenzie, editing by Louise Heavens
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2023-03-22 15:45:45
Source – reuters
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