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With Knight Capital Group’s days as an independent entity waning, the Jersey City brokerage’s employees are preparing for the future, so sayeth Charles Gasparino.
Fox Business Network correspondent Charles Gasparino is commenting today that trading teams have been shopping themselves around even if a deal does happen for Knight. He notes that the traders expect job cuts regardless of whether the firm remains independent or merges with some non-core assets expected to be divested.
The bidding is down the Getco and Virtu Financial, each of which are offering more than $1 billion for Knight—which will at the very least cover the money the firm lost on a trading snafu this summer. Getco is thought to be in the lead, which is bad news for Knight’s employees: Getco would keep Knight public, indeed it would go public itself as part of a sort of reverse-merger with Knight, and that could keep GetKnight’s feet to the fire.
Either way, however, Knight staff isn’t sanguine.
Employees expect assets to be sold and jobs to be cut regardless of the outcome, according to people inside the company and advisers involved in the talks.