Gross Says Banks ‘Permanently Damaged’ as Credit Expansion Ends

Financial cos. 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, writes Janus’s Bill Gross in monthly outlook. Citigroup, Bank of America, Credit Suisse, Deutsche Bank, Goldman Sachs trading far below their pre-crisis highs as credit growth that has fueled global economic expansion appears to near its end Banking “either a screaming sector ready to be bought or a permanently