​Swedbank Strategist Says US Banking Crisis Is Spreading — War | CoinQuest

​Swedbank Strategist Says US Banking Crisis Is Spreading — Warns of More Banks Failing in ‘Vicious Spiral’

A strategist at Swedbank, a Swedish bank, has warned that the regional banking crisis in the U.S. is spreading. After several bank failures, he stressed that Pacwest Bank, Western Alliance Bank, and First Horizon Bank have all been “subject to financial meltdowns.”

Pär Magnusson, a fixed income strategist at Swedbank, a Swedish bank based in Stockholm, has warned about the spreading of the U.S. banking crisis. He reportedly said:

After Silicon Valley Bank, Signature Bank, First Republic Bank and now potentially Pacwest Bank, Western Alliance Bank, and First Horizon Bank all having been subject to financial meltdowns, the proverbial cat will be very difficult to put back into the bag.

First Republic Bank was seized by regulators last week and most of its assets were sold to JPMorgan Chase. It was the biggest U.S. bank failure since 2008. Silicon Valley Bank and Signature Bank collapsed in March. Following the seizure of First Republic Bank, shares of several banks, including Pacwest and Western Alliance Bank, plummeted.