Roger Ferguson, former Federal Reserve vice chairman, joins ‘Squawk Box’ to preview the Fed’s two-day policy meeting, how the Fed will process the collapse of First Republic Bank, and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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LEARN MORE ABOUT: Bank Failures
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Roger Ferguson, the CEO of TIAA, recently stated that he is not rejecting the possibility that there will be other bank failures in the near future. This statement comes as a warning to the banking industry and highlights the potential risks that financial institutions are facing in the current economic climate.
In an interview with CNBC, Ferguson acknowledged the challenges and uncertainties that banks are currently facing, particularly in the wake of the COVID-19 pandemic. He pointed out that while the banking sector has generally been resilient during the pandemic, there are still potential risks that need to be closely monitored.
Ferguson’s comments come at a time when concerns about the financial stability of banks are on the rise. The pandemic has severely impacted the global economy, leading to widespread job losses, business closures, and financial strains for individuals and businesses. This has put pressure on banks to manage their risks and adapt to the changing economic landscape.
The CEO’s remarks also shed light on the importance of maintaining a cautious and vigilant approach to risk management in the banking sector. With the uncertain economic outlook and ongoing challenges posed by the pandemic, banks must be proactive in identifying potential risks and taking appropriate measures to mitigate them.
It is also worth noting that Ferguson’s warning comes at a time when the Federal Reserve has recently announced that it will be lifting pandemic-era restrictions on dividend payments and share buybacks for the country’s largest banks. This move has raised concerns among some experts who worry that it could potentially expose banks to greater risks and weaken their financial positions.
In light of these developments, it is clear that the banking industry is entering a critical phase where effective risk management and prudence will be essential for navigating through the challenges ahead. Ferguson’s acknowledgment of the potential for future bank failures serves as a reminder for financial institutions to remain vigilant and prepared for any potential risks that may arise.
Overall, Ferguson’s statement signifies the need for continued vigilance and risk management in the banking sector. As the industry continues to navigate through the uncertainties brought on by the pandemic, it is crucial for banks to maintain a proactive and cautious approach to risk management in order to ensure their stability and resilience in the face of potential challenges.
People, you all should know by now this is a PLAN. A plan by our corrupt DC to destroy the country and take away our freedom. Go ahead haters….tell me something different.
Probably need a few more bank collapses to make it obvious to the Fed…..
Biden crisis is real. More banks will fail
YOUR ARE TALKING SMACK, MORE BANKS ARE GONNA GO AND THEY NO IT. WHEN A COUNTRY OWES 31 TRILLION AND ITS PROBABLY NEAR ONE HUNDRED TRILLION AND BACK BY NOTHING, WHAT DO YOU THINK WILL HAPPEN, ITS BAD MANAGEMENT OF A COUNTRY. THIS IS NOT OVER BY A LONG SHOT.
Becky’s point about regulations is stupid. How would regulations have changed the bill advised investments that were made during ZIRP?
BIDEN INHERITED & IS DOING HIS DAMNEDEST TO CLEAN UP A COLOSSAL MESS CREATED & LEFT BY THE TRUMP ADMINISTRATION! TRUMP RELAXED BANKING REGULATIONS, SO AS BANKS BEGIN TO FAIL & THEY MOST CERTAINLY WILL, BLAME TRUMP & HIS (R) CONGRESS ~~
NOT THE BIDEN ADMINISTRATION!
Yeh, right coming from someone that was a welfare recipients of the federal reserve.
Nope, cut back on spending
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We are due for a recession
ALL Banks are insolvent.. ALL of them are…and thats the open secret.
You can't say these bank failures are a one-off when there's already been THREE! These 3 banks had the same market cap as the combined 25 banks that went bust in 2008!
The 3 banks that failed in 2023 so far had $350B in assets the same size of the combined 25 banks in 2008 that went bust. Were only in the 3rd inning of this banking crisis so grab your seat, get some popcorn and enjoy the show…
This is not ending in anytime soon, this the biggest change in are history you can't see the whole picture. the US government and the financial institutions are the wrong direction.
One bank had a large portfolio of mortgages; the other had a lot of longer-dated treasuries. They act as though these "one-off" failures were FTX lenders. No, this was business as usual. The Fed is acting completely reckless by raising rates as fast and as far without considering all of the consequences.
Short sellers are on the hunt for a new bank to bring down.
Capitalism fails wherever it's tried
Translation: There is no way in hell this banking crisis is over, the SEC just won't let me talk in definitive terms.
Within the veil of Light are hidden energies of intentional nature that will manifest in Time/Space but are not perceivable as they propagate! The West has an inherent intention to create Chaos out of natural harmony. We’re simply experiencing the presence of such intentions!
At this point, it’s looking like forced consolidation. There will be more regional bank failures.
just follow the money, whichever bank has the most current insiders sold off their stocks is highly suspected in trouble.
The banks are not doing work to market. That's part of the problem.
Next is capital one, I’m going to watch insider trading and see which bank ceo drops positions next.
The Federal reserve. Hundreds of PhDs. And not one knows what the f*** they're doing.
If there are more banks how many more banks can jp morgan take in?
So does First republic stock go to zero. vanguard owns a ton of their shares. But they are made hole and we are screwed
Thanks to Janet Yellen and Jerome Powell more banks will follow this same fate. Could have seen it coming since late 2021 when the inflation rate began soaring and both Yellen and Powell buried their heads in the sand.
It wasnt orderely….it was illegal with 0 due diligence carried out.
Guys, I said a couple of times before. Just find out which banks have been laying off their risk management staff or is significantly reducing their risk management budget. That is a sign of trouble during these times. This is where your banking connections become gold.
lol @ "all three of them seem like one offs"
spin spin spin
becky nailed it
In order for mass psychosis to take hold, the standard of living for a majority of the population must be decimated.
3 out of 4 of the largest bank failures in USA history happened over the past 2 months.
The Fed and their media puppets: “It’s a one off.”
Interest rates feel the effect months later, the interest rates at which these banks failed was probably like .50 points away. Who knows what’s going to happen another 6 months from now, especially if they raise it another .25%
How can they consider these as "one-offs"?
Dr. gloom.
Paulson and Bernanke delayed this effect, with some Bribes to Bankers.
Covering some Bad Debt on Credit Cards seemed to postpone the inevitable.
Now we have half of the Federal Debt shifted to Consumers.
The ability to share the pain was handed to European Consumers,
with Sanctions that eliminated Russian Gas from European Markets.
The obvious Boogie Man that Wall Street has created with Propaganda
now appears to be the Nation that wins the economic Warfare.
Like Vietnam US Greed seems to lose again?
Remember we faced a Currency crisis in 1969 as well….
The fed is actually trying to create a crisis. They created the issue to begin with and now they’re trying to destroy our current quality of life. This is becoming more and more clear as more things break. How are they not hanging somewhere? If they are successful in forcing companies into bankruptcy and a massive increase in unemployment, life in the us will irrevocably change for the worse. Why do they want this and why are they able to just do it?
chatGPT should replace the fed.
clearly they know nothing
two san fransisco banks failed….. what other banks have high exposure to San Fransisco commercial real-estate ?