Matthew Goldstein, reporting for The New York Times:
William H. Gross, who helped build Pimco from scratch into a $2 trillion mutual fund behemoth over four decades, abruptly quit on Friday for a much smaller firm.
The surprising exit came after Mr. Gross learned in recent weeks that top executives at Pimco and Allianz, the German insurer that owns it, had grown tired of his leadership and were weighing a change.
The Wayne Gretzky of bonds has just been traded.