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Yale’s Jeffrey Sonnenfeld Discusses Ongoing Bank Crisis and Its Impact on Corporate America

Jeffrey Sonnenfeld of Yale explains why the bank debacle is the responsibility of the Fed

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Jeffrey Sonnenfeld’s Insights on the Ongoing Bank Crisis and Its Implications for Corporate Leadership and Regulation

New York ( —

In March 2023, the global banking crisis emerged due to a period of rising interest rates mediated by central banks, following several years of extremely low-interest rate policies since 2020. As bond prices fell, bank capital reserves declined, leading some banks to sell bonds at significant losses as yields on new bonds were much higher. This, in turn, caused liquidity shortages and insolvencies, resulting in three bank failures in the United States initially. Within two weeks, regulators shut down several of the world’s largest banks or declared them bankrupt. To prevent the banking crisis from affecting other banks, banking regulators from various jurisdictions, including the U.S. Federal Reserve Bank, Bank of Canada, Bank of Japan, European Central Bank, and Swiss National Bank intervened by providing exceptional liquidity. Jeffrey Sonnenfeld, who holds the position of senior associate dean for leadership studies at the Yale School of Management, joined the program ‘Power Lunch’ to discuss the ongoing bank crisis. The conversation focused on whether this state of turmoil is yet another blemish on the reputations of both corporate America and the capitalist system.


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