Time to Cull More Banks: Strategist
The wave of bank consolidations needs to continue for the sector to recover, Steen Jakobsen, chief investment officer of Saxo Bank, said on CNBC Tuesday.
"There are so many incompetent bankers in the world." Jakobsen told "Squawk Box Europe." "We need even less banks. Why the hell do I need ten different banks doing the same thing? I need banks that are boutiques."
It will probably take six to seven months for banks to have positive cash flow again, Jakobsen said, but his is investing in underleveraged banks in Italy and Singapore.
In addition, lower benchmark interest rates give banks a chance to make billions of dollars in extra interest-rate revenue, Jeffrey Hogan , managing director of business development at BGC Partners, told "Squawk Box."