WHEN: Today, Friday, September 26th
WHERE: CNBC's "Squawk Alley"
Following is the unofficial transcript of breaking news from CNBC's David Faber.
All references must be sourced to CNBC.
DAVID FABER: TRYING TO GET MORE BACKGROUND IN TERMS OF WHAT WENT ON AT PIMCO OVER THE LAST COUPLE OF WEEKS BEFORE THE UNEXPECTED AT LEAST WIDELY UNEXPECTED RESIGNATION OF BILL GROSS AND IT DOES APPEAR THERE WAS A GOOD AMOUNT TUMULT AT THE FIRM OVER THESE LAST COUPLE OF WEEKS. AND IN WHICH IT DOES APPEAR THAT MR GROSS WAS WELL AWARE THAT HE WAS ON HIS WAY OUT. IN SPEAKING TO A NUMBER OF DIFFERENT SOURCES IN FACT IT DOES APPEAR THAT A COUPLE OF WEEKS BACK HE WANTED A SENIOR EXECUTIVE AT THE FIRM TO BE FIRED. THAT DID NOT TAKE PLACE. MR GROSS WAS VERY MUCH UNHAPPY WITH THAT AND THEN THERE WERE FIVE EXECUTIVES ACCORDING TO PEOPLE FAMILIAR WITH THE SITUATION WHO THREATENED TO QUIT IF MR GROSS WAS NOT FIRED BY PIMCO. ALL OF WHICH THEN LED MR GROSS TO START TO CONSIDER HIS OWN OPTIONS KNOWING THAT MORE OR LESS HE WAS NOT GOING TO BE AT THE FIRM FOR MUCH LONGER. AND THOSE OPTIONS APPARENTLY INCLUDED AS MEETING WITH JEFFREY GUNDLACH FREQUENT GUEST HERE AT CNBC, THE FOUNDER, CEO, CIO OF DOUBLELINE CAPITAL. GUNDLACH WOULD NOT GO INTO ANY DETAIL BUT DID CONFIRM IN FACT THAT THEY DID HAVE A MEETING IN WHICH THEY DISCUSSED THE POSSIBILITY OF MR GROSS JOINING DOUBLELINE IN SOME SORT OF CAPACITY. THAT DID NOT OBVIOUSLY HAPPEN ONE CAN IMAGINE WHY WELL GIVEN HIS EXPERTISE AND MR GROSS' IT CERTAINLY GUNDLACH'S PLUS BY THE WAY THEY ARE BASED IN LOS ANGELES NOW INSTEAD HE GOES TO JANUS WHICH IS BASED IN DENVER BUT HE IS GOING TO BE WORKING OUT OF NEWPORT BEACH WHICH HAS BEEN MR GROSS' HOME FOR QUITE SOME TIME. BUT IT DOES GIVE A LITTLE MORE INSIGHT HERE ABOUT WHAT WAS GOING ON AT THE FIRM, THE BLOW UPS THAT SOME HAVE REFERRED TO THAT WERE TAKING PLACE, AND EITHER HIM OR US KIND OF THING THAT FACED ALLIANZ IN ITS DECISION AS WE HAVE BEEN REPORTING WHERE THEY WERE PLANNING ON ANNOUNCING HIS RESIGNATION OR FIRING IF YOU WILL TOMORROW BUT HE BEAT THEM TO IT HEADING OUT THE DOOR TO JANUS.
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