Bond king Bill Gross said Friday he’s bought stock in four beaten-down regional banks as well as an exchange traded fund made up of banks, after a rough few weeks for the sector in the wake of the collapse of Silicon Valley Bank.
Gross is not currently in a legal position to recommend stocks since he’s no longer a fund manager officially, but he wrote in his latest Wall Street Playbill that he’s had a “long-term wish to own a bank.” These and other regional bank stocks have been volatile with double-digit losses this year, as investors fretted over potential runs on deposits and the below-par value of their securities portfolios.
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