FOX BUSINESS NETWORK’S CHARLIE GASPARINO REPORTS PIMCO “IS GOING TO LAYOFF THREE PERCENT OF ITS WORKFORCE”
On PIMCO:
“What we are understanding is that PIMCO announced today internally that it is going to layoff about 3 percent of its workforce across the globe. The numbers of people may not sound significant, you know, when it’s 3 percent of 3,000 people. Internally, it is a pretty big move. PIMCO has not done this. And here is what it is kind of related to and it’s a story we’ve been covering a lot. Bill Gross left about two years ago, the big money manager, as he left a lot of assets have bled out of PIMCO, so the impact of that decision of him leaving and the big blow up that occurred with him – he took some assets, people stopped putting their money in PIMCO’s bonds funds and with that they are going to have to reduce costs because, let’s face it, they’re making less money.”
