Under its co-founder and former CEO Bill Gross, PIMCO was what one might describe as a hostile work environment. Well, it turns out the company doesn’t need the Triple Crown of Newport Beach at the helm to be an allegedly world-champion toxic workplace.
The letter, which was signed by 21 women, was sent Thursday to Pimco’s top leaders, including its chief executive, Emmanuel Roman, and the firm’s investment chief, Dan Ivascyn. Three of the women who cosigned the document have filed lawsuits against Pimco in the past two years, alleging gender or racial discrimination….
Women comprise 19% of Pimco’s 77 managing directors, its top management rank. Among executive vice presidents, 21% are women. And in its 50-year history, the firm has never had a Black managing director…. firm has about 3,500 employees; 37% are women….
In Thursday’s letter, the current and former employees said the firm has made it even harder for women to make a successful climb to the top. They wrote that women are paid less than their male counterparts, lose career opportunities after pregnancies and face retaliation if they complain. The letter said the firm has also ignored instances where male employees sexually harassed female colleagues and alienated women of color for their choice of hairstyle and dress.