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Tuesday, January 13, 2015

Pimco Blindsided Gross

News summary by MFWire's editors

Pimco fired Bill Gross.

So says Gross himself in a Bloomberg Radio interview with Barry Ritholz of "Masters in Business." The full interview is slated to air this coming Saturday, January 17, yet Bloomberg released a clip with that exciting tidbit yesterday.

Gross' quotes sound reminiscent of Jack Bogle's surprise when others at Vanguard forced him to retire under the company's own rules.

"They did fire me," Gross says in the interview, detailing his own rebuffed offer to take on a reduced role at the company. "In the last few weeks, it blindsided me; I had no idea that an executive committee could fire a founder and the titular leader of the company."

What's in the rest of the interview remains to be seen, but for now at least we still don't know the whole story of how it went down, what was said when and who threw what at whom.

Gross shocked the financial world in late September when he jumped from Pimco to Janus.

 

Edited by: Neil Anderson, Managing Editor


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