MF Global fires 1,066 workers

All employees of the brokerage arm of collapsed MF Global were fired today, with immediate effect.

The 1,066 employees, about half of MF Global’s entire workforce, will be paid through 15 November, according to a statement from James W. Giddens, the court-appointed Trustee for the liquidation of MF Global.

About 600 of the remaining MF Global positions are in London, which are undergoing separate insolvency proceedings.

The Trustee is also looking to vacate MF Global New York headquarters as soon as possible, though the offices in Chicago will continue to be leased for a limited amount of time.

Since bankruptcy, approximately 17,000 customer account positions and $1.5bn (£9.3bm) in customer account funds have been transferred to other future commodities merchants.

Approximately 150 employees are being hired to assist with bankruptcy claims, according to the statement.

MF Global filed bankruptcy 31 October, following the collapse of a deal to sell off assets. It was the eight-largest bankruptcy in US history.

MF Global is considered to be a victim of the Eurozone crisis, after losing money on a $6.3bn (£3.9bn) bet on debt issued by Eurozone nations.