(Bloomberg) -- Pacific Investment Management Co. plans to cut its workforce as assets under management have fallen since the September 2014 departure of Bill Gross.
“Like any responsible business, Pimco constantly adjusts its resources to capitalize on changing markets and investment opportunities for clients,” Pimco spokesman Michael Reid said in an e-mail. “Our current business plans will reduce expenses in some areas while, of course, ensuring investment and hiring in others.”
The cuts will be less than 3 percent of the workforce, according to a person with knowledge of the matter. Pimco’s assets stood at $1.5 trillion as of March 31, down from a peak of about $2 trillion in the first quarter of 2013. Gross, who co-founded the firm in 1971, left abruptly in 2014.
Pimco reported about 2,300 total employees at the end of the first quarter, down from 2,400 a year earlier.
To contact the reporter on this story: John Gittelsohn in Los Angeles at [email protected] To contact the editors responsible for this story: Christian Baumgaertel at [email protected] Josh Friedman