Long hours and a frequently fractious relationship with Pimco’s founder Bill Gross prompted Mohamed El-Erian’s resignation as chief executive of the world’s largest bond house, according to people familiar with the matter.
Mr El-Erian often sparred with the company’s founder over strategy, in a workplace that insiders say rivals any investment bank for fierce arguments and a hard-charging culture. But there was no single argument with Mr Gross that triggered the move, the people said.
His resignation on Tuesday came as a shock to those inside and outside Pimco – which has $2tn of assets under management – but his plan to leave had been known to a small group of senior executives for several months, the people said.
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