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MF Global lays off 1,066

Nov. 11, 2011 at 2:26 PM   |   Comments

NEW YORK, Nov. 11 (UPI) -- Bankrupt financial giant MF Global laid off 1,066 brokerage unit employees Friday, a board of directors statement said.

The firm, which had 2,900 workers at the end of September, said the layoffs were effective immediately. It was keeping as many as 200 workers to wind down the unit, but letting the rest of the unit go, CNNMoney reported.

MF Global filed for court protection at the end of October in one of the largest bankruptcy cases in U.S. history.

The firm had $6.3 billion tied up in European sovereign debt, which led to a credit rating downgrade. In turn, MF Global was forced to put up more collateral to complete deals, CNNMoney reported.

Among the controversial aspects of the bankruptcy, $633 million from clients' accounts is reportedly missing, which has sparked investigations from various government agencies.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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