- This spring's spate of banking failures portends more to come, said Matthew Piepenburg, partner at Matterhorn Asset Management.In March Silicon Valley Bank was seized by the California Department of Financial Protection. Signature Bank also failed this spring. Piepenburg warned the sector is under stress.
Piepenburg said that banks were basically buying U.S government bonds at a top and"..when there was a run on the bank they had to sell at the bottom and that affected their capital." Piepenburg noted that the number of regional banks is decreasing, and the ones that are running are stressed, noted Piepenburg.
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