Layoffs Watch '12: Phil Falcone's Passion Project Forced To Make Difficult Decision

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Those affected should take heart knowing it'll all be worth it in the end.

LightSquared Inc., the wireless company backed by hedge fund manager Philip Falcone, said on Tuesday it plans to lay off nearly half of its employees to save money. The Reston, Va.-based company said it will cut 45 percent of its 330-employee workforce and called the planned move a "prudent and necessary cost savings measure to ensure the long-term success of the company." On Monday, LightSquared failed to pay $56 million it owed to a British satellite partner Inmarsat. A week ago the U.S. Federal Communications Commission dealt the company a severe blow when it said it would revoke permission for LightSquared to move ahead with its wireless network, after tests found that it would interfere with Global Positioning Systems used by airliners and the military. As speculation has mounted that the company might soon be forced to file for bankruptcy, Falcone has steadfastly ruled that out.

LightSquared plans to cut 45 percent of workforce [Reuters, related]

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Layoffs Watch '12: Nomura

The company is still in the firing phase of the rebuilding process. Nomura Holdings cut a team of London proprietary traders focused on stocks as Japan’s largest brokerage scales back in Europe, said two people with knowledge of the matter. The group of about five traders was part of Nomura’s Angel Lane Principal Strategies, a unit that makes speculative wagers on markets with capital provided by the Tokyo-based bank, according to the people, who declined to be identified because the job cuts haven’t been announced. The team departing this week was led by Anthony Medina, a volatility trader who used options to bet on fluctuations in the prices of stocks, the people said. The departures are part of Nomura’s plan to reduce costs by $1 billion, with almost half the savings coming from Europe. The revamp in strategy follows a four-year struggle to build a business overseas following the purchase of Lehman Brothers Holdings Inc.’s European and Asian units in 2008. Nomura Said To Cut Team Of Proprietary Traders Focused On Stocks [Bloomberg]