Former New Jersey Gov. Jon S. Corzine answers a question during an interview with the Associated Press, in Trenton, N.J., in 2009. (AP/Mel Evans)

MF Global fires its entire work force

More than 1,000 employees laid off at former NJ governor's financial firm


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Associated Press
November 11, 2011 10:20PM (UTC)

NEW YORK (AP) — Defunct trading company MF Global Inc. says it is terminating its entire workforce of 1,066 employees.

The company said Friday it is dismissing workers in accordance with a bankruptcy court-mandated liquidation. Between 150 and 200 former employees are being hired to assist with the liquidation and court proceedings.

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MF Global declared bankruptcy after losing money on a number of bad bets on derivatives contracts, precipitated by the European financial crisis.

The company did not immediately return a call seeking comment. It said in a statement that all the employees were notified of their termination Friday. The company said it is working to vacate its headquarters in New York as soon as possible and will close the facility.


Associated Press

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