Billionaire Barry Sternlicht Expects One Bank Failure Per Week

Billionaire Barry Sternlicht, CEO of Starwood Capital, predicts a bleak future for U.S. banks, forecasting one bank failure per week due to high interest rates and inflation pressures. He highlighted the vulnerability of community and regional banks in a recent CNBC interview, attributing potential failures to ongoing economic challenges and the Federal Reserve's interest rate policies. Sternlicht's concerns follow the collapse of First Republic Bank, signaling potential widespread issues in the banking sector amid economic tightening.