Bank of England Governor Andrew Bailey on Tuesday vowed to be “very vigilant” amid ongoing volatility and suggested that the market is “testing out” banks to find weaknesses.
Global banking stocks have taken a beating in March, as contagion fears spread following the collapse of U.S.-based Silicon Valley Bank — the largest bank failure since the financial crisis — and the emergency rescue of Credit Suisse by Swiss rival UBS.
Source : Bank of England chief cautions to stay vigilant as the market tests banks for weaknesses