The PIMCO co-founder only just s, when a banking turmoil broke out following the collapse of Silicon Valley Bank.
"Regional bank call has made mucho bucks. Time for me to cut back 80% of holdings," Gross said in a WednesdayUS regional bank stocks have been trading at a steep discount since a confidence crisis spread across the banking sector in March, with investors worrying that more smaller lenders could be hit by the kind of problems faced that brought down SVB.
His fresh sale comes just days after PacWest agreed to merge with Banc of California in an all-stock deal to create a new bank.
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