Odey Likens Banks to Retailers Luring Investors to Their Deaths

Hedge-fund manager Crispin Odey said underperforming banks are starting to resemble department stores that failed to reinvent themselves quickly enough to compete with online retailers.

The London-based money manager, who had been a vocal critic of central-bank policies and repeatedly warned investors of an impending market crash, said weak profits at banks means provisions have had to fall. “They have been the serial lagging sector, luring every year value investors to their deaths," he wrote in a letter to investors.