FOX Business Network’s (FBN) Charlie Gasparino reports that PIMCO sent out an internal memo today “saying they were basically having a major retreat from the equity side of the business.” Gasparino went on to say, “they are going to cut more than 20 percent of the workforce” and “they’re going to close two of their four funds down.”
“From the aftermath of Bill Gross leaving PIMCO, what we understand today an internal memo came out saying they were basically having a major retreat from the equity side of the business, stocks not bonds, remember they focus largely on bonds… What they are doing essentially what these men will say out of the stock business that this is something that they did. They started in 2009, 2010 it was sort of a hedge against what might happen in the bond business they basically hired up 70 people. From what we understand, they are going to cut more than 20 percent of the workforce, they’re going to close two of their four funds down, and what you have right now at PIMCO is a major retreat from the equity business and focusing on bonds.”
Fox Business Network
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