The last few days have revealed just how bad the first quarter was for the banking sector. Credit Suisse, which in March collapsed into the arms of its main competitor UBS, recently reported that it had lost $69 billion of customer deposits in the first quarter, bringing the six-month total to an astronomical $225 billion…
Standard Chartered CEO Warns Banking Sector Risks Will ‘Come Home to Roost’
April 25, 2023
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Standard Chartered CEO Bill Winters warned that the U.S. banking sector may face another crisis after avoiding a near collapse last month. He spoke with CNBC’s Joumanna Bercetche on April 24 to discuss the future outlook of the industry. Regulators intervened in March to prevent mass panic after the collapse of Silicon Valley Bank, Signature Bank,…
Yellen: Government Could Step in Again to Protect Other Banks From Deposit Runs to Stop Contagion
March 21, 2023
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U.S. Treasury Secretary Janet Yellen on Tuesday defended government intervention in the banking sector and suggested that it may be necessary to take similar measures in case smaller financial institutions experience deposit runs that could lead to contagion. She also called the American banking system “sound,’ and said that overall “the situation is stabilizing” due to…
When One Zombie Eats Another: Why UBS’s Rescue of Credit Suisse Changes Nothing
March 21, 2023
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Commentary What happens when one zombie eats another? All the disgusting and fetid zombie parts of the consumed simply move to the consumer. The same is true of zombie banks. When one zombie bank—full of death and corruption but better at hiding it due to superior cosmetics—eats its more visibly ill and compatriot zombie bank,…
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