MF Global To Cut Work Force 10%-15%

MF Global reported a fourth-quarter loss and plans to cut its work force by 10% to 15%.
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NEW YORK (TheStreet) -- MF Global (MF) reported a fourth-quarter loss and plans to cut its work force by 10% to 15%.

For the quarter, the company reported a GAAP loss of $96.5 million, or 78 cents a share, compared with a net loss of $119.3 million, or 98 cents a share, the same time last year.

MF Global said the first step to improving its earnings is by reducing costs by means of revaluating employee compensation and incentives. It plans to reduce its work force by 10% to 15% in the first quarter.

Adjusted loss was 17 cents a share, compared with earnings of 3 cents a share the same period last year. Analysts had been expecting earnings of a penny a share for the fourth quarter. Revenue was $240.5 million vs. versus the average estimate of $241.14 million. MF Global attributed the revenue shortfall to low interest rates, narrower credit spreads and the sale of its U.S. equity derivatives interdealer broker business during the quarter.

Revenue in the fourth quarter last year was $257.1 million.

-- Reported by Andrea Tse in New York

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