IMF: 'The story is not over' on banking turmoil - reports

Pierre-Olivier Gourinchas

The chief economist of the International Monetary Fund Pierre-Olivier Gourinchas has warned that “the story is not over” on the recent turmoil in the banking sector.

Speaking to reporters in Paris, Gourinchas said that the IMF continued to be "a bit concerned" about the turbulence that saw the collapse of several US regional banks and the buyout of Credit Suisse, though noted that authorities had so far been able to "react quickly". The instability over the last two months has seen three US regional banks collapse, with another, First Republic, being purchased by JP Morgan Chase a week ago (2 May) after it failed to stabilise following the banking crisis in March. Credit Suisse CEO Körner to join UBS executive board amid reshuffle Despite s...