It's long been known that Pimco is a big payer to its big beasts. After all, Bill Gross didn't achieve net worth of $1.5bn working at Burger King. However, if you're a lowly average employee at Pimco you're going to do pretty well for yourself too. - So says the newly released annual report for Pimco Europe Ltd.
The report covers the year to December 2018, during which time Pimco employed 299 people in Europe, mostly in London but also in Milan. Those 299 were paid salaries (including bonuses) totalling £174m. This works out as an average of £583k ($707k) each for the year.
Clearly Pimco Europe isn't a bastion of equality and some people there will have been paid a lot more than others. Most notably, its highest earning director got £13.4m ($16m) last year. We don't know his name (it's almost certainly a man) but this doesn't put him too far behind David Solomon, the CEO of Goldman Sachs, who earned $23m and managed an organisation of 37,000 people. Barclays' Jes Staley may well feel envious too, given that he only earned £3.9m for 2018.
Pimco Europe employed 79 investment managers, 110 administrators and 110 sales people at the end of 2018. It hired 32 extra staff during the year, split across all categories. But it also let people go - £974k was set aside for redundancy payments in 2018. If you want to work for Pimco Europe now, you might want to target Madrid, where it set up an investment office at the end of the year.
Turnover in 2018 was £563m; operating profit was £193m and profit after tax was £154m. Not bad for 299 people.
Have a confidential story, tip, or comment you’d like to share? Contact: email@example.com in the first instance. Whatsapp/Signal/Telegram also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by VanveenJF on Unsplash