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Ross: 1,000 Bank Closures Ahead

Monday, 15 Sep 2008 04:00 PM

Wilbur Ross, founder of private equity firm WL Ross & Co LLC, expects as many as a thousand U.S. bank closures in the coming months, CNBC said on its Web site on Monday.

The billionaire investor, who made his fortune making investments on distressed industries, said the closures will create opportunities for investors, CNBC said, adding that he is looking at picking up smaller distressed institutions.

"I do think a lot of the regional ones will (close), just as they did in the last savings and loan crisis in the 1990s," the website quoted Ross saying.

Ross said there will be too many people willing to provide capital to the large financial companies, making them less of a bargain than smaller banks, according to the Web site.

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Wilbur Ross, founder of private equity firm WL Ross & Co LLC, expects as many as a thousand U.S. bank closures in the coming months, CNBC said on its Web site on Monday.The billionaire investor, who made his fortune making investments on distressed industries, said the...
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