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Thursday, September 10, 2015

Hodge Ponders Layoffs

News summary by MFWire's editors

More than 11 months after the departure of Bill Gross, Pimco [profile] 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. 

Edited by: Neil Anderson, Managing Editor


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