LONDON (Reuters)- The financial markets are likely to see turmoil until 2010 as institutions struggle to understand its cause, Blackstone senior managing director John Studzinski said at the Reuters Hedge Funds and Private Equity Summit in London.
"This year is going to be fraught with data and denial," Studzinski, who is global head of Blackstone’s mergers and acquisitions advisory group, said on Tuesday. "Next year a lot of industries are expecting difficulties, particularly more on the consumer side."
Studzinski added that there is scope in 2009 for consolidation among financial institutions as banks that have suffered least in the credit crunch buy those that are most hurt.
