JPMorgan’s Michele Says Credit Suisse Deal Should Stem Selloff
- Bob Michele said he gives UBS ‘a break’ for wanting provisions
- Fed will cut interest rates by September, Michele says
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Bob Michele, the chief investment officer of fixed income at JP Morgan Asset Management, said he’s hopeful that UBS Group AG’s deal to buy its troubled Swiss rival Credit Suisse will be enough to stave off a wider selloff in European banks this week.
“I think the regulators in Europe, and Switzerland, and I think those in the US, when you circle back a week ago, responded with a speed we’ve never seen before and cut a lot of red tape and stopped this in its tracks,” Michele told Bloomberg Television on Sunday.