Charles Schwab Corp. removed Pacific Investment Management Co. from its target-date retirement funds after the departure of Pimco co-founder Bill Gross.
Bill Grosss departure is opening the door for smaller competitors to break Pimcos dominance after the worlds biggest bond firm quintupled assets to $2 trillion over the past decade.
Premature withdrawals from retirement accounts have become Americas new piggy bank, cracked open in record amounts during lean times by people like Cindy Cromie, who needed the money to rent a U-Haul and start a new life.
Christopher Ailman, chief investment officer of the California State Teachers Retirement System, said Facebook Inc. should have more women on its board of directors.