Washington's efforts to clamp down on big banks are likely the first in a line of global moves to curb risk-taking in the financial sector, Pimco's Mohamed El-Erian said.
Speaking the day after President Obama proposed sweeping changes in the way the nation's largest financial institutions operate, El-Erian told CNBC that taking on the banks is the easiest way for policymakers to show they are addressing the problems with the global financial crisis.
"We as investors have to be able to navigate these new factors, because that's the reality," said El-Erian, CEO at the world's largest bond fund. "This thing is going to intensify. You're going to read about it in other countries."