Andrew Bailey told a House of Lords committee that it was important to take the failure of car parts supplier First Brands and subprime car lender Tricolor “very seriously” – and drew parallels with the 2008 financial crisis.

He said it was unclear whether these were one-off issues, or a case of “the canary in the coal mine”.
[…]
Last week, Jamie Dimon, the boss of US banking giant JPMorgan Chase, warned the failure of the two US firms could be a sign of more to come.

“My antenna goes up when things like that happen,” he told analysts. “I probably shouldn’t say this, but when you see one cockroach, there are probably more.”

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