"Schwarzman and Ackman Offer Solutions to US Banking Crisis"

Blackstone CEO Steve Schwarzman believes that the current US banking crisis is caused by the after-effects of the pandemic and technology, rather than a wave of bad loans. He points to mobile phone apps that have enabled people to communicate and move their money quickly, coupled with a massive increase in deposits after the global coronavirus health crisis, as the cause of the current tumult. Schwarzman believes that rising interest rates and deposit issues caused by technology are both solvable problems for the vast number of banks.