Wells Fargo & Co CEO Charlie Scharf said on Tuesday the banking industry is 'extremely strong' but added he expects more volatility as market participants assess the health of financial institutions.
Charlie Scharf, CEO, Wells Fargo, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File PhotoCEO Charlie Scharf said on Tuesday the banking industry is "extremely strong" but added he expects more volatility as market participants assess the health of financial institutions.
"Talking about regional banks as one - it just makes absolutely no sense," Scharf said at the Milken Institute Global Conference. "Unfortunately, there will be a lot of volatility and turmoil," he said, adding that "the majority of the banks that we look at are still extremely strong."of Silicon Valley Bank, Signature Bank and First Republic Bank. Despite the turmoil, consumers and businesses remain in good financial health, Scharf said.
Such moves would shore up confidence and stop depositors from pulling out money from small and mid-sized banks, said Orszag, who previously served as director of the office of management and budget in the Obama administration.
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