First Republic is the latest US bank to fail as fears persist about the industry’s stability.
Concerns about the stability of banks in the United States and elsewhere persist. First Republic failed this week; another two banks collapsed in March.
The White House is keen to reassure Americans – and the world – that everything is under control, but the sector is at its most volatile since the 2008 financial crisis.
The recent collapse of Swiss giant Credit Suisse means shock waves are rippling through a globalised and more interconnected financial system.
So are these isolated, unconnected events? Or signs of something deeper and more worrying?
Presenter: Adrian Finighan
William Lee – Chief economist at the Milken Institute and former deputy division chief at the International Monetary Fund
Vicky Pryce – Chief economic adviser at the Centre for Economics and Business Research and a former economics adviser to the United Kingdom’s government
Cornelius Hurley – Lecturer in financial law at the Boston University School of Law and former assistant general counsel of the Federal Reserve Board