Pimco May Lay Off Employees Because Daddy Went Out For Cigarettes And Never Came Back
As those of you who keep up with the life and times of Bill Gross know, back in 2014 he and Pimco, the company he founded, went through a very messy divorce. Names were called, allegations were thrown around, and a lotta dirty laundry was aired. And while rough patches are to be expected in any serious relationship that spans decades, the two parties decided they were done. Rather than stay together for the kids, Pimco all but gave Gross the boot, and now look at this f*cking place.
Officials at mutual fund giant Pacific Investment Management Co., are discussing layoffs amid a sharp decline in assets over the past year that followed the ouster of co-founder Bill Gross, the FOX Business Network has learned...Without Gross at the helm, the Total Return Fund has produced a return of about 1.6%--beating both the Standard & Poor 500 index of large company stocks, and a bond index compiled by Morningstar Inc. (MORN), which tracks mutual fund performance. But investors continue to yank money from the company and the total return fund in particular; as of August 31, the total return fund reported assets under management of $98.1 billion—the first time the fund has fallen below $100 billion in assets since 2007. Since Gross left the company, overall assets have fallen nearly 21% to $1.5 trillion.
Of course, Gross isn't doing much better himself, which begs the question-- is a reconciliation in order? In spite of everything's that happened, odds are Pimco's gotta be missing the days when it got the first look at Gross's monthly musing on toilets, cats, dogs, steam showers, and feeling fat. As for Gross, he's basically doing a slow drive-by past the building every night "just to see if the lights are on" while he plots his inevitable comeback, so presumably he'd accept the offer.
PIMCO Bleeding Without Bill Gross, Layoffs Loom [FBN]
Related: Bill Gross Writes New Page In The Annals Of Investing History
