Risk USA: JP Morgan settlement could scare off white knights
Future crises will be tougher to resolve if legal risks stop strong banks acquiring wounded competitors, warns CRO for RBS Americas
Banks will be less willing to acquire stricken rivals in any future crisis as a result of the huge legal settlement now reportedly facing JP Morgan, one chief risk officer has warned.
Speaking at Risk USA in New York, Ken Phelan, chief risk officer at RBS Americas, argued potential acquirers would be unwilling to quickly absorb other banks – as JP Morgan did with Bear Stearns and Washington Mutual
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