Finance
US Regional Banks ‘Need Consolidation,’ Canyon’s Lemkin Says
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First Republic Bank in San Francisco.
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Recent banking failures shows how regulators are overwhelmed by too many institutions, causing them to overlook regional banks, Todd Lemkin, Canyon Partners’ chief investment officer said.
First Republic Bank became the latest bank failure Monday after it was seized by regulators and subsequently acquired by JPMorgan Chase & Co. in a Federal Deposit Insurance Corp.-led takeover. Four US lenders, including Silicon Valley Bank and Signature Bank, have collapsed this year, leading to turmoil in the industry and spreading fears of a broader contagion.