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Fortune

Chloe Taylor

Shark Tank’s Kevin O’Leary says failing regional banks should be allowed to collapse

Kevin OLeary United States Signature Bank Silicon Valley Bank

(Credit: Christopher Willard—ABC via Getty Images)

Regional banks are obsolete and need to be allowed to fail, according to Shark Tank star and famed entrepreneur Kevin O’Leary.

Speaking to Bloomberg TV on Tuesday, O’Leary—an investor, founder, television personality and author of several books on financial literacy—said it would be better to have a greater number of large banks than a slew of regional banks, noting that this was a “proven model” in many countries including the U.K., Canada and Australia.

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