CNBC, Released on 9/21/20
Bank stocks, including Dow component J.P. Morgan Chase, sank in Monday’s premarket as leaked U.S. government files showed that banks reported to regulators $2 trillion of suspicious activity over nearly two decades. Germany’s largest lender Deutsche Bank appears to have facilitated the most transactions by far in dollar amounts, followed by J.P. Morgan, the U.K.’s Standard Chartered and Bank of New York Mellon. Mohamed El-Erian, chief economic advisor at Allianz, joins “Squawk Box” to discuss.
Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world’s largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. His latest book is The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse.