Billionaire Barry Sternlicht predicts weekly bank closures

Billionaire Barry Sternlicht forecasts frequent closures of regional and community banks in the U.S., citing high interest rates and inflation impacting the commercial real estate sector. Sternlicht, CEO of Starwood Capital Group, warned on CNBC that these banks are vulnerable due to significant real estate debt and the shift towards remote work. He predicts potential weekly bank failures and highlighted the Federal Reserve's rate hikes as a contributing factor to the sector's struggles.