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 told a Bloomberg conference in London on Wednesday.
Luke Ellis, CEO of Man Group, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 3, 2022. REUTERS/Tyrone Siu
"I think we will have significantly more banks that don't exist in 12-24 months," Ellis said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk. A spokesperson for the Bank of England, which supervises the health and stability of Britain's financial system, said "the UK banking system is well capitalised and funded, and remains safe and sound".to ensure the flow of cash between banks around the world.
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