Tuesday, March 25, 2008

FDIC to Hire More Workers, Braces for Bank Failures

by Bill McBride on 3/25/2008 11:08:00 PM

From USA Today: FDIC Plans Staff Boost for Bank Failures

The Federal Deposit Insurance Corp. wants to add 140 workers to bring staff levels to 360 workers in the division that handles bank failures, John Bovenzi, the agency's chief operating officer, said Tuesday.

"We want to make sure that we're prepared," Bovenzi said ...

Gerard Cassidy, managing director of bank equity research at RBC Capital Markets, projects 150 bank failures over the next three years, with the highest concentration coming from states such as California and Florida where an overheated real estate market is in a fast freeze.
This is a follow-up to the WSJ story last month of the FDIC bringing back 25 retirees with experience in handling bank failures.

The bank failures are coming.

Last 10 Posts