Bridgewater dumps bank stocks amid turmoil in first quarter

Bridgewater Associates, one of the world’s largest hedge funds, sold off U.S. bank stocks in the first quarter as the industry was roiled by the collapse of three lenders, according to regulatory filings.

Global hedge funds cut their exposure to U.S. banking stocks to a near 10-year low in March and fled lending-sensitive shares amid turmoil in the industry following the collapse of Silicon Valley Bank and Signature Bank.The firm also slashed its positions in smaller banks such as Bank of Hawaii Corp, Pacwest Bancorp, PNC Financial Services Group, Citizens Financial Group and Capital One Financial Corp.

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