Some of the world’s most senior bankers have warned about the risk of damaging volatility in credit markets once the US Federal Reserve starts to raise interest rates. They said regulators were starting to share their concerns.
Speaking on a panel at the World Economic Forum in Davos, the heads of Deutsche Bank, Bank of America Merrill Lynch and HSBC said the volatility would be much higher than in past economic cycles because regulation was stopping them from holding large portfolios of bonds on balance sheets.
Anshu Jain, co-chief executive of Deutsche Bank, said: “My fear would be an unruly event in the credit markets.
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