Man Group Plc Chief Executive Officer Luke Ellis warned the banking crisis that has sent shockwaves through markets this month isn’t over and more lenders could fail.
(Bloomberg) — Man Group Plc Chief Executive Officer Luke Ellis warned the banking crisis that has sent shockwaves through markets this month isn’t over and more lenders could fail.
“We will have a significant number of more banks that will not exist 12 months to 24 months from now that exist today,” he said in an interview with Dani Burger at the Bloomberg Invest conference in London on Wednesday.
Ellis comments follow one of the wildest weeks in the recent history of finance which saw fears of a banking crisis emerge from the collapse of Silicon Valley Bank and quickly spread across continents. Three banks have collapsed and a fourth, Credit Suisse Group AG was forced to merge with rival UBS Group AG as regulators sought to avoid a broader financial collapse. Another, First Republic Bank, is wobbling.
The effects reverberated across markets with bank stocks, corporate debt, commodities and US Treasuries all seeing sudden moves that took many traders by surprise.
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