MF Global Is Hiring

Author:
Updated:
Original:

Only stipulation is that you were recently fired by the firm.

MF Global Inc. fired 1,066 employees at the U.S. broker-dealer today, according to the trustee's office responsible for liquidating the unit. None of the laid-off employees will get severance pay, deferred compensation or bonuses, the source said. They'll receive health coverage through the end of November. Employees will get salaries through November 15 and the offices in New York City will be closed as soon as possible. Smaller and less expensive office space will rented.

The trustee's office responsible for liquidating MF Global Inc., the U.S. broker-dealer unit of MF Global Holdings Ltd., said between 150 and 200 former employees are being rehired to assist in the wind down of the business and processing of bankruptcy claims. A source with direct knowledge of the matter said some of the people who are being fired have been assisting in the investigation of missing customer funds estimated to total about $600 million. The Department of Justice and the Commodity Futures Trading Commission are conducting an investigation into the missing money.

MF Global Inc. Fires 1,066 Employees [FINS]

Related

MF Global Trustee Was Just Kidding About Paying Out Bonuses To Upper Echelons Of MF Global Management

Last month, it was reported that Louis Freeh, the trustee unwinding the remains of MF Global, would be asking a judge to "approve performance-related payouts for the chief operating officer, finance chief and general counsel at MF Global," as well as twenty other MF Global employees who stayed on after the firm bit the big one. According to one of Freeh's advisers, the bonuses were the only way they could retain the talent necessary to deal with this thing and would actually "quite honestly save a considerable amount of the estate's resources," as losing the team would mean hiring a bunch of consultants who wouldn't have the first clue about where the bodies were buried. Unfortunately for those who went out and blew the money they thought they had coming to them, Freeh wasn't actually serious about paying bonuses. “It was never my intention” to pay out bonus money to executives from the firm, Freeh told members of the Senate Banking Committee at a hearing today. Freeh committed to lawmakers that he would not distribute bonus money to current or former MF Global employees...Freeh, in his prepared remarks, said his team employs 15 non-executives, most of whom were former MF Global employees, along with the senior executives. Freeh said he has considered “a retention program” for them and added that “no formal program was ever created for senior executives, nor was any motion ever filed with the court for approval in connection with any retention program for senior executives.” MF Global Executives Will Not Receive Bonus Money, Trustee Says [Bloomberg]