"Regional banks … benefit from lower interest rates," Gross said on CNBC's " Last Call ." "We've gone down by 40 basis points. Many of these banks including Bank of America, including Schwab, have long-term bond positions … a 2% or 3% rise in prices is beneficial for them.
Earlier this year in the wake of the banking crisis, regulators unveiled plans to force American banks with at least $100 billion in assets to issue debt and bolster so-called living wills in a move to protect the public in the event of more failures. Gross also noted that regional bank shares are now very cheap, and many of them offer hefty dividends. "Many of them are at 50% of book value, which is historically low.
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