The banking turmoil is far from over. Bill Ackman, Jeffrey Gundlach, and Mohamed El-Erian have renewed their warnings about the unresolved risks.
Over the past week, First Republic Bank became the fourth US lender to fold up this year, fueling a selloff in regional bank stocks. That's prompting top economists and investors to once again warn that the banking turmoil is far from over.
Big names from Bill Ackman to Jeffrey Gundlach and Mohamed El-Erian have voiced renewed concerns about the stability of America's mid-sized banks, asbecame the latest institution to face scrutiny after it said it was weighing strategic options after abandoning a previous effort to raise capital. The US banking sector has faced heightened uncertainty since the collapse of Silicon Valley Bank and Signature Bank in March, with the recent fall of First Republic Bank and its subsequent takeover by JPMorgan further fueling concerns about the sector's stability.
Below is a selection of the most recent warnings on US banking risks from high-profile investors, analysts and other experts."The FDIC's failure to update and expand its insurance regime has hammered more nails in the coffin," Ackman said Wednesday on. First Republic"would not have failed if the FDIC temporarily guaranteed deposits while a new guarantee regime were created. Instead, we watch the dominoes fall at great systemic and economic cost," he said.
"We are running out of time to fix this problem. How many more unnecessary bank failures do we need to watch before the FDIC, US Treasury, and our government wake up?" he added."We need a systemwide deposit guarantee regime now.
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