John Authers, Columnist

Brace for Volatility, But Banks Are Looking Better

The 2008 scenario is easing up, though it’s far too early to declare victory for regional lenders.

March 28, 2023 at 5:15 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

First Citizens BancShares Inc. is one of the biggest buyers of failed US lenders. — First Citizens BancShares Inc. is one of the biggest buyers of failed US lenders.
Photographer: Elijah Nouvelage/Bloomberg

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Maybe this isn’t so much like 2008 after all. The weekend passed in a state of trepidation about the health of the banks, but nothing happened. There were no rushed press conferences, government statements, or fresh cries for help, on either side of the Atlantic. Once the working week started, it even brought the news that the low-profile First Citizens BancShares Inc. of Raleigh, North Carolina, had bought up much of the assets of the failed Silicon Valley Bank. Judging by what happened to First Citizens’ share price, this shouldn’t be regarded as an act of charity: