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 2019, during which time Pimco employed 325 people in Europe (up from 299 a year earlier), mostly in London but also in Milan. Those 325 were paid salaries (including bonuses) totalling £172m. This works out as an average of £529k ($703k) 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 £14m last year. Barclays' Jes Staley may well feel envious given that he only earned £3.4m for 2019.
Pimco Europe employed 81 investment managers (up from 79), 128 administrators (up from 110) and 116 sales people (also up from 110) at the end of 2019. It hired, but it also let people go - £7894k was set aside for redundancy payments.
Turnover in 2018 was £574m (up 2%); operating profit was £186m, down 4%. Not bad for 325 people.
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