Regional banks were all ‘guilty until proven innocent’ after Silicon Valley Bank, Citizens CEO says
CNN
When I set up an interview with Bruce Van Saun, head of Citizens Financial Group, the 14th largest bank in the US, for a piece that would mark the first anniversary of the collapse of Silicon Valley Bank I didn’t anticipate having such a fresh feeling of déjà vu.
When I set up an interview with Bruce Van Saun, head of Citizens Financial Group, the 14th largest bank in the US, for a piece that would mark the first anniversary of the collapse of Silicon Valley Bank I didn’t anticipate having such a fresh feeling of déjà vu. But an action-packed week of news from New York Community Bank brought back unwelcome memories of last year’s banking crisis. NYCB disclosed it had identified a “material weakness” in the company’s lending operations that had to do with “internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities.” Translation: People who are supposed to catch potential problems before they become actual problems screwed up. Then, after a report said the beleaguered regional lender was searching for much-needed investment, the bank’s stock (NYCB) fell by more than 40%, trading below $2 a share. But a quick look at how other regional bank stocks were performing as shares of NYCB plunged quickly reassured me that this probably wasn’t the pilot episode of season two of America’s Banking Crisis. Many regional bank stocks were either down slightly or in positive territory. However, that wasn’t at all the case on March 10, 2023, the day SVB was shuttered by regulators. Other regional bank stocks got slammed: By the end of the day, most saw their stock down by double-digit percentages.
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