During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN
The comments from Yellen provide further evidence that Biden officials are starting to warm up to the idea of bank mergers despite concerns from progressives and the administration’s own scrutiny of corporate concentration. The worst banking crisis since 2008, marked by a series of bank failures, plunging stock prices and concern about the business model of regional and mid-size banks, has forced a regulatory rethink.
That deal, which came after a competitive bidding process and was aimed at stabilizing the system, drew sharp criticism from some progressives. “What happened here is because a bank was under-regulated and started to fail, the federal government has helped JPMorgan Chase get even bigger,” Massachusetts Democratic Sen. Elizabeth Warren told CNN.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Treasury Sec. Yellen told bankers more mergers may be necessary – CNNTreasury Secretary Janet Yellen told bank CEOs that more bank mergers may be necessary, CNN reported. The comments triggered risk aversion and weighed
Read more »
Moscow bans '500 Americans' from Russia including CNN journalists | CNNFormer United States President Barack Obama, late night television host Stephen Colbert, and CNN’s Erin Burnett are some of the “500 Americans” Russia has banned from entering the country.
Read more »
Regional banks slump after report Yellen told bank leaders more mergers may be neededThe KBW Regional Bank index slumped over 3%, after a report from CNN that Treasury Secretary Janet Yellen told bank chief executives than more mergers may be...
Read more »
Spring Garden pastry chef hired to make birthday cake for Janet JacksonDarnel's Cakes in Spring Garden has been serving up sweets for the last three years, but they recently baked up a special request from a music legend.
Read more »
US regional bank stocks fall after Yellen says more bank mergers necessaryShares of U.S. regional lenders fell on Friday after CNN reported that U.S. Treasury Secretary Janet Yellen told bank chief executives that more mergers may be necessary following a series of bank failures.
Read more »
Here's how investors can profit and protect their portfolios if a debt-ceiling fight unleashes market chaosWith Treasury Secretary Janet Yellen's "X date" just two weeks away, some on Wall Street are seeing an opportunity in cheap option contracts that...
Read more »