Warren Buffett warns of more bank collapses in 2023
Warren Buffett at number 5
Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States.
The 92-year-old Buffett told a leading US business channel Wednesday that more banks could collapse in the United States. But he added that depositors would be safe.
"We’re not over bank failures, but depositors haven’t had a crisis. Nobody is going to lose money on a deposit in a US bank. It’s not going to happen," he told CNBC.
The "Sage of Omaha" had an unconventional take on the recent banking crisis, arguing that banks with questionable accounting practices and mismatched assets and liabilities will be exposed in this gloomy period for the banking sector.
Buffett also had a word of advice for banks in the world's largest economy. He said that banks must retain depositor confidence, which he believed could be lost in seconds whenever a banking collapse occurs.
The collapse of two US banks -- Silicon Valley Bank and Signature First Bank -- in March this yeartriggered panic in the banking sector.
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In response, the Federal Reserve lent US banks nearly $12 billion under a one-year lending programme to ease stress on the financial system. US authorities also moved swiftly to protect depositors as they saw "serious risk of contagion" that could have triggered runs on many banks.