Bill Ackman Warns US Regional Banking System Is at Risk

The US regional banking system is at risk and the regulator’s failure to update and expand its insurance regime has “hammered more nails in the coffin,” Pershing Square’s Bill Ackman said.

First Republic Bank was the second-biggest bank failure in US history, and the fourth regional lender to collapse since early March after Silvergate Capital Corp., SVB Financial Group’s Silicon Valley Bank and Signature Bank. JPMorgan Chase & Co. acquired First Republic on Monday, beating out rivals including PNC Financial Services Group Inc.