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MF Global rocked after fresh losses
JON Corzine, the new chief executive of MF Global, said yesterday the futures and options broker would cut its workforce by up to 15 per cent after five straight quarters of losses.
For the quarter ended 31 March, New York-based MF Global posted a net loss of $96.5m, compared with a loss of $119.3m a year earlier. Net revenue fell to $240.5m from $257.1m.
The firm currently employs 3,200 staff worldwide.
Corzine, who initiated a broad review of MF Global’s businesses when he took over seven weeks ago, called the company’s fourth-quarter results “completely unacceptable.”
MF Global said it would reduce staff by 10 to 15 per cent in the current quarter, freeze hiring, and reduce compensation.