Morgan Stanley CEO James Gorman calls for regulators to contain bank risk with 'vigilant oversight' in order to shore up confidence in financial firms.
Morgan Stanley CEO James Gorman said limiting banking activities to “small sandboxes” could help prevent further shocks to the financial system after the failure of Silicon Valley Bank affected the sector in recent weeks.
Regulators should work to “force banks to operate with small sandboxes, vigilant oversight, aligned compensation policies, strong boards, stable CEOs, intentional succession planning, rigorous annual stress tests and capable supervision,” Gorman said, according to a report in the Sydney Morning Herald.
The current challenges faced by banks revolve around a shortage of liquidity to cover drops in deposits, he said, adding that this differs from the 2008 crisis, which resulted from a more widespread impact on credit. On the topic of China, Gorman said Australia maintains a “complex” relationship with the country, which is its largest export market.
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