Pimco Employees Almost Had The Chance To Speak With Goldman's Gary Cohn On A Grundle-To-Face Basis
Bloomberg's Mary Childs reports that in the wake of Mohamed El-Erian deciding he could no longer work in an office with a no eye contact/no speaking policy, Pimco mulled over the idea of hiring Goldman No. 2 Gary Cohn as a replacement. (Cohn, some of you might recall, is known for "hiking up one leg, plant[ing] his foot on a trader's desk, his thigh close to the employee's face, and asking how the markets [are] doing.")
Cohn was on a short list of potential candidates to succeed Mohamed El-Erian as chief executive officer, according to the people, who asked not to be identified because the talks were private. At the time, Pimco and Bill Gross were working on a succession plan that included a smaller role for Gross, who co-founded the firm in 1971, the people said...While Pimco’s idea of hiring Cohn never progressed beyond informal conversations, he stood to increase his compensation substantially. Pimco paid El-Erian a bonus of about $230 million in 2013 as part of an executive profit-sharing plan as the firm’s assets approached $2 trillion. Cohn was awarded $26.9 million for 2013, according to the Bloomberg Pay Index.
Sure, the extra money might've been nice, but can you really put a price on being the Ben to Lloyd's Matt? Sure they've had their rough patches, as all bromances do every now and then, but you don't trade in a best friendship with LB for some cheap thrills in Newport Beach.
Pimco Said to Have Considered Goldman’s Cohn for Top Job [Bloomberg]
Related: Goldman Sachs President Gary Cohn Likes To Speak To Employees On A Grundle-To-Face Basis
