Business Technology, Finance Technology & Information Technology
Fitch predicts that US banks would have poor financial results in 2023.
The US banking system is in disarray as a result of numerous institutions’ abrupt collapses, according to Fitch Ratings, which stated on Tuesday that it anticipates bad financial performance from American banks in 2023.
According to the international rating agency, the majority of banks are off to a great start this year in terms of profitability, asset quality, regulatory capital, and liquidity, giving them the means to handle immediate issues.
However, performance will depend on its “business model, asset concentration, diversity, and stability of deposit funding,” according to a statement.
According to Fitch, numerous negative rating actions have been taken against institutions that have been most negatively impacted by recent bank failures and significant deposit outflows since March.
Due to liquidity problems and unexpected deposit outflows, Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank failed over the past two months. (
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