Financing official: expect more banks to close

Thu, 01 Jun 2023

Financing official: expect more banks to close

Robert Besser
25 Mar 2023, 13:10 GMT+10

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.
The growth in social media had accelerated how quickly concerns about banks circulate

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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.

More Information

11 ℃

Mostly Cloudy in Dublin

Business

Section

At 6 million viewers per night, CBS most-watched tv network in US

NEW YORK CITY, New York: The Nielsen company said that CBS has again claimed the title of most-watched television network ...

U.S. stocks dive Wednesday on debt ceiling, global jitters

NEW YORK, New York - U.S. and global stocks tumbled Wednesday as lawmakers continued to navigate their way through Congress ...

US fishermen seek baby eels valued at $2,000 per pound

PORTLAND, Maine: Fishermen in the US's only commercial-scale fishing industry for valuable baby eels, called elvers, have recorded a productive ...

New baseball stadium in Las Vegas to include retractable roof

LAS VEGAS, Nevada: A bill was introduced in the Nevada Legislature to provide the Oakland Athletics up to $380 million ...

U.S. business seeks to hire teens this summer, offering greater pay

WASHINGTON D.C.: Due to one of the tightest labor markets in decades, teenagers, who have been vital for filling summer ...

Wall Street in disarray as divisions erupt again over debt ceiling

NEW YORK, New York - Republicans were in uproar Tuesday over the deal hammered out by President Joe Biden and ...

Europe

Section

Ireland unemployment figures plummet to record low 3.8 percent

DUBLIN, Ireland: Ireland has set a record as unemployment fell to 3.8 percent in May, according to the Central Statistics ...

US fishermen seek baby eels valued at $2,000 per pound

PORTLAND, Maine: Fishermen in the US's only commercial-scale fishing industry for valuable baby eels, called elvers, have recorded a productive ...

Inflation forces Poland to plan raising minimum wage twice in 2024

WARSAW, Poland: Plans are underway in Poland to gradually raise the minimum wage twice in 2024. The wage plan has ...

China's domestic C919's to begin first commercial flight this week

BEIJING, China: China will put into commercial operation its first large passenger airliner, in a bid to challenge western plane ...

Ireland gas prices down 66 percent in 2023

DUBLIN, Ireland: Ireland's homeowners and businesses expect to see still more reductions in the cost of natural gas as the ...

After warnings from EU, ChatGPT said it could leave Europe

SAN FRANCISCO, California: Sam Altman, CEO of ChatGPT-maker OpenAI, has said the company could consider leaving Europe if it could ...

Movie Review

Bones and All