Worst may be over for banks’ balance sheets: Gross |

Worst may be over for banks’ balance sheets: Gross

By Jennifer Ablan and John Parry

NEW YORK (Reuters) – The worst of the credit crisis may be over
regarding harm to bank balance sheets, Bill Gross, manager of the
world’s biggest bond fund, said on Friday.

Bank stocks on both sides of the Atlantic have been severely battered
this week as financial institutions continue to scour for capital.
Some have had to draw on yet more government cash amid the worst
financial crisis since the Great Depression.

“We have probably seen the worst of the credit crisis from the
standpoint of the banking balance sheets to the extent that they’ve
already received a lot of capital and are going to get some more,”
said Bill Gross, founder and co-chief investment officer at Pacific
Investment Management Co (Pimco). Gross was interviewed by video link
from the company’s headquarters in Newport Beach, California.

http://www.reuters.com/article/ousiv/idUSTRE50F6RT20090116

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