El-Erian on Bill Gross’s departure: I was very surprised. What was not a surprise was the bench and a strong team led by Dan Ivascyn
Mohamed El-Erian, former Chief Executive Officer and co-CIO at Pimco and columnist for Bloomberg View, spoke with Bloomberg TV’s Betty Liu about the U.S. economy, markets and the departure of Pimco co-founder and Chief Investment Officer Bill Gross.
El-Erian said: “His departure — the fact that it happened and how it happened — was a surprise. What was not a surprise was the bench and a strong team led by Dan Ivascyn. They are superb.”
El-Erian also spoke about broader economic issues and why we haven’t seen any wage growth, saying “I think people are starting to realize that this is a different economy. In addition, little steps that should be taken, the minimum wage, et cetera, are not being taken. And that’s part of a bigger problem that we don’t have a holistic policy response as yet because of the polarization of Congress.”
source: Bloomberg Television