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‘Kafkaesque’: bank blocks cash transfer, saying it could be an AI scam
(www.theguardian.com)
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this post was submitted on 17 Aug 2024
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UK Politics
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General Discussion for politics in the UK.
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I don't know a whole hell of a lot about the UK, so I will speak to the US. When the Federal Reserve raised interest rates, it has put tons of pressure on the commercial real estate office sector and has put serious pressure on most all of the regional banks. Your JP Morgan and your Wells Fargo are decently alright. But your local town banks are absolutely hurting. And enough of those very well could go bust to cause major issues. JP Morgan going down would be slicing an artery, but all these little banks going down would be death by a thousand cuts. You end up dying either way. It's just how quick does it happen?
Most of the smaller banks in the UK are gone. We don't have a lot of "town banks".
The risks to the US may be very different from here. Either that or you could be guilty of catastrophising.
From what I've heard, we have about 4,000 banks and so most of those are going to be smaller regional banks. We only have a few big ones that take up most of the news cycle.