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Rating:Gross: Wall Street Sort of Lost its Way Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 02, 2011

Gross: Wall Street Sort of Lost its Way

News summary by MFWire's editors

Bill Gross thinks that U.S. banks still have a long way to go when it comes to separating their retail and investment banking operations, Reuters reports.
"Wall Street sort of lost its way, in that investment banking became a function not of allocating capital properly, but levering capital and levering the returns on capital as opposed to transferring capital to productive industries," said Pimco's [see profile] chief, in front of an audience of fundsters at the Schwab Impact conference yesterday.

He added that investors need a banking system that is attractively and conservatively capitalized in order to regain confidence in the system. 

Edited by: Hung Tran


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