(Bloomberg) -- A large U.S. bank may fail in the coming months as the global credit turmoil continues to hurt financial markets, said Kenneth Rogoff of Harvard University, a former chief economist at the International Monetary Fund.
``The worst is yet to come in the U.S.,'' Rogoff said in Singapore today. ``The financial sector needs to shrink. I don't think simply having a couple of medium-sized banks and a couple of small banks going under is going to do the job. We're really going to see a consolidation even among the major investment banks.''
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