By Zoe DeFazio, Web Editor
Kudret Topyan, Department Chairperson of Economics & Finance knows a thing or two about the failures of banks in the United States.
Topyan recently held an interview with Voice of America, a United States government broadcasting service that was aired on March 21.
VOA describes Topyan’s discussion of economics as groundbreaking.
“In the USA, the question of “Will the successive bankruptcy of Silicon Valley Bank and Signature Bank trigger the bankruptcy of other banks in the country” is on the agenda. Kudret Topyan, Head of the Department of Economics at Manhattan College, made an assessment on the subject to VOA Turkish, and explained the details of why the two banks went bankrupt,” sated VOA
There have been several bank failures in Silicon Valley, which is home to many technology startups and companies such as PayPal. One reason for the bank failures is the high cost of living in the area, which has led to an increased demand for loans and other financial services.
This has put pressure on banks to extend credit to riskier borrowers, such as small businesses and startups that may not have a long track record of profitability.
The rapid pace of technological innovation in Silicon Valley has created a highly competitive environment, which has made it difficult for some banks to keep up with the changing landscape. As a result, some banks have struggled to maintain profitability and have ultimately failed, leaving customers to find new banking options
Topyan was able to speak directly to The Quadrangle about his interview with VOA but the state of finances for the world and how much is changing every day.
“That was about bank failures. You know, in California, Silicon Valley Bank and in New York’s Signature Bank failed and what happened, why did that happen, and is it likely for the other banks to fail? So could that be, you know, an economy wide issue for the United States or the rest of the world? Because exactly at the same time, Credit Suisse had problems. So it’s all on in Europe basically going on mostly. So that was the Voices of America’s main subject bank failures,” said Topyan.
Topyan continued by talking about the future of bank necessity and if this is likely to happen again.
“And, you know, again, reasons, as well as the future expectations, will that spread over to the other banks and not? Oh, wow, that’s a lot. Yeah. And this really happened, your bank failures. It’s not something that will happen, you know, every now and then they’re rare. You know?”
Rehan Mehta, a student studying economics and mathematics, works closely with Topyan and has created a close bond with him. Mehta reached out to The Quadrangle to discuss his own personal experience with the financial guru and express how proud he is of Topyan and his new reign as the financial king.
“Being an Economics and Mathematics double major, my course planning has always been very difficult. However, Dr. Topyan, my faculty advisor, helped me pick out substitutable courses and even worked with the Mathematics department to create special class contracts for me, so that I could double-dip certain courses.” Said Mehta. “ In addition to him being very understanding, he is also a very welcoming person. I have played mini golf and eaten most of the cookies in his office. On the academic end of things, I have had fierce arguments about macroeconomic issues with him, and he has always helped me look at things from a perspective that I never took into account. It is without a doubt that he is an extremely knowledgeable person, suited with extreme professionalism and humility.”