The banking turmoil sparked by the collapse of Silicon Valley Bank is not yet over, and a significant number of banks will fail within two years, the CEO of hedge fund Man Group, Luke Ellis, told a Bloomberg conference in London. | Reuters
Luke Ellis, CEO of Man Group, speaks during the Global Financial Leaders’ Investment Summit in Hong Kong, China Nov 3, 2022. REUTERS/Tyrone Siu/File photo
LONDON – The banking turmoil sparked by the collapse of Silicon Valley Bank is not yet over, and a significant number of banks will fail within two years, the CEO of hedge fund Man Group, Luke Ellis, told a Bloomberg conference in London on Wednesday. Asked whether the crisis in the sector was over, Ellis told delegates at the event he did not think so.Market chaos forced the emergency rescue of Credit Suisse by its Swiss rival UBS over the weekend, in a move that has brought some calm to markets.
“I think we will have significantly more banks that don’t exist in 12-24 months,” he said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk.
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