Indiana Grain Company, LLC

Posted: 09/15/11

By: tomgrisafi

US investment bank MF Global has said that it will lay off more than 30% of its staff in equities trading and research in Europe and Asia.

The cuts are part of a push by the company's chief executive, Jon Corzine to realign MF Global as a commodities-focused investment bank.

The firm, which employs about 2,800 worldwide, said it would also seek to build its commodities and global policy research presence.

Forlenza said this realignment is part of the company's ongoing transformation to a commodities-focused investment bank.

"We will continue to invest in our Equities business globally in areas that complement our global corporate strategy," he added.

In the most recent quarter, Corzine has pared back the group's 3,200 staff globally to 2,847, which does not include the current round of cuts.

Barclays, Credit Suisse and ABN-Amro have announced job cuts, while Bank of America and HSBC have announced plans to shrink their work forces by 10% each, representing tens of thousands of jobs. Morgan Stanley and Goldman Sachs are also retrenching.

Source: BBR

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