NEW YORK: Bob Michele, the chief investment officer of fixed income at JP Morgan Asset Management, says he’s hopeful that UBS Group AG’s deal to buy its troubled Swiss rival Credit Suisse will be enough to stave off a wider selloff in European banks this week.
“I think the regulators in Europe, Switzerland and the United States, when you circle back a week ago, responded with a speed we’ve never seen before, cut a lot of red tape and stopped this in its tracks,” Michele told Bloomberg Television on Sunday.
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