Janet Yellen told bank CEOs more mergers may be necessary, sources say | CNN Business

The comments from Yellen provide further evidence that Biden officials are starting to warm up to the idea of bank mergers despite concerns from progressives and the administration’s own scrutiny of corporate concentration. The worst banking crisis since 2008, marked by a series of bank failures, plunging stock prices and concern about the business model of regional and mid-size banks, has forced a regulatory rethink.

That deal, which came after a competitive bidding process and was aimed at stabilizing the system, drew sharp criticism from some progressives. “What happened here is because a bank was under-regulated and started to fail, the federal government has helped JPMorgan Chase get even bigger,” Massachusetts Democratic Sen. Elizabeth Warren told CNN.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US regional bank stocks fall after Yellen says more bank mergers necessaryShares of U.S. regional lenders fell on Friday after CNN reported that U.S. Treasury Secretary Janet Yellen told bank chief executives that more mergers may be necessary following a series of bank failures.
Source: Reuters - 🏆 2. / 97 Read more »

Here's how investors can profit and protect their portfolios if a debt-ceiling fight unleashes market chaosWith Treasury Secretary Janet Yellen's "X date" just two weeks away, some on Wall Street are seeing an opportunity in cheap option contracts that...
Source: MarketWatch - 🏆 3. / 97 Read more »