facebook
twitter
search
search

MF Global lays off 1,066

Nov. 11, 2011 at 2:26 PM

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.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting