MF Global, the world’s largest futures brokerage, has announced a swingeing programme of cuts after suffering its fifth quarterly loss in a row.
In a statement to investors, new CEO Jon Corzine confirmed that the former broking wing of Man Financial would axe up to 15% of its global workforce by the end of next month, on top of an existing hiring freeze.
“We are taking decisive action to fundamentally improve the earnings profile of this company,” Corzine said. “The first step in this process is a realignment of our cost structure. We are focusing on compensation, including staffing levels and our incentive structure.”
The firm posted a...