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Mike Mayo of Wells Fargo declares a shift from bank crisis to bank recession.


Mike Mayo, Wells Fargo Securities senior bank analyst, joins 'Squawk on the Street' to discuss his thoughts on the banking system and his top picks. For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV: » Subscribe to CNBC: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: #CNBC #CNBCTV ...(read more)


BREAKING: Recession News
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Wells Fargo's top banking analyst, Mike Mayo, recently expressed his opinion that the banking industry is moving from a period of crisis to a recession. Mayo made this statement during an interview with CNBC, citing various factors that support his claim. Mayo believes that the current economic downturn, caused in large part by the COVID-19 pandemic, is having adverse effects on the banking industry. The pandemic has forced many businesses to shut down or reduce their operations, leading to a decrease in loan demand and an increase in loan defaults. This, in turn, has negatively impacted the banks' revenue and profitability. The Federal Reserve's recent decision to maintain interest rates close to zero has also contributed to the banking industry's struggles. While low-interest rates might encourage individuals and businesses to borrow more money, it also means that banks earn less on the funds they lend out. This puts a significant strain on their profitability, which can ultimately result in layoffs, branch closures, and other cost-cutting measures. Mayo also expressed concern about the potential for more regulation and oversight, which could further impact the banking industry's performance. In the aftermath of the 2008 financial crisis, regulators implemented stricter rules and requirements for banks to prevent another economic collapse. However, these regulations have made it more challenging for banks to operate and compete, which could hurt their bottom line. Despite the challenges that the banking industry is currently facing, Mayo remains optimistic about its future. He believes that banks have learned from the mistakes made during the 2008 financial crisis and have become more resilient and better prepared to weather economic downturns. In conclusion, Mike Mayo's comments highlight the significant challenges that the banking industry is facing. The COVID-19 pandemic, low-interest rates, and increased regulation are all factors contributing to a potential recession in the banking industry. Nevertheless, with continued innovation and adaptation, banks can emerge from this period stronger and more resilient than before. https://inflationprotection.org/mike-mayo-of-wells-fargo-declares-a-shift-from-bank-crisis-to-bank-recession/?feed_id=92254&_unique_id=644bc02d4c924 #Inflation #Retirement #GoldIRA #Wealth #Investing #breakingnews #businessnews #cable #cablenews #CNBC #financenews #financestock #financialnews #money #moneytips #newschannel #newsstation #SquawkontheStreet #stockmarket #stockmarketnews #Stocks #usnews #worldnews #RecessionNews #breakingnews #businessnews #cable #cablenews #CNBC #financenews #financestock #financialnews #money #moneytips #newschannel #newsstation #SquawkontheStreet #stockmarket #stockmarketnews #Stocks #usnews #worldnews

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