Bond Giant PIMCO Says It Will Cut 3% of its Workforce

Pacific Investment Management Co. plans to cut about 3% of its workforce in the wake of a drop in assets under management since the 2014 departure of co-founder Bill Gross, according to an internal document obtained by Reuters Thursday.

“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 email statement. “Our current business plans will reduce expenses...

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