More than 11 months after the departure
of Bill Gross
] is still feeling the pain. And that pain might mean job cuts.
Charlie Gasparino of Fox Business reports
that the management team at the Newport Beach, California-based fixed income mutual fund titan is "contemplating layoffs." The network cites unnamed "people with direct knowledge of the matter" and says that Pimco currently has about 2,400 employees.
A Pimco spokesman declined to comment to Fox Business
The report highlights Pimco's woes over the past year and a half, notably its nearly 25 percent decline in AUM since March 2014 and its continued outflows, especially from its flagship behemoth, the Pimco Total Return Fund
. Bess Levin of Dealbreaker picked up
on the Fox Business
and went straight for the gut with this headline: "Pimco May Lay Off Employees Because Daddy Went Out For Cigarettes And Never Came Back."
Although, isn't it more like "Daddy Never Came Back Because Mommy Changed All the Locks"
? At least she didn't change the address, too. And of course, then Daddy found his own new Mommy
, up in the Rocky Mountains.
Neil Anderson, Managing Editor
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