Gross Says Banks ‘Permanently Damaged’ as Credit Expansion Ends

  • Future returns will look like utilities as margins squeezed
  • Insurance companies, pension funds, savers face low earnings

Are Banks Really 'Permanently Damaged' as Gross Says?

Financial companies will be hard-pressed to meet long-term growth expectations as decades of credit expansion come to an end and central-bank policies and tighter regulations squeeze profits, according to bond investor Bill Gross.

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