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MF Global Lays Off More than 1,000: Trustee

(Updated with latest news of layoffs at broker-dealer unit and statement from trustee)

NEW YORK ( TheStreet) --The trustee in charge of liquidating MF Global (MFGLQ.PK) said termination notices have been issued to the 1,066 employees of the broker-dealer unit.

The firings were "a necessary part of the court-ordered liquidation of MF Global Inc.," the trustee said. The employees have been terminated with immediate effect, though they will be paid through Tuesday, Nov. 15.

The firm had already laid off 165 employees across functions from another unit that once had 250 people, The Wall Street Journal's fins.com reported, citing a person familiar with the situation.

Many terminated employees haven't received severance pay, deferred compensation or bonuses, according to that report.

MF Global is being liquidated after its parent filed for bankruptcy on Oct. 31. Regulators have launched a formal investigation into the firm after more than $600 million of customer funds went missing.

-- Written by Shanthi Bharatwaj in New York



>To contact the writer of this article, click here: Shanthi Bharatwaj.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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