Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

MF Global Fires Just About Everyone

All of the employees at MF Global's broker-dealer were just fired.

The broker-dealer’s 1,066 employees learned on Friday afternoon that their employment has been terminated.

"In accordance with the court-mandated liquidation and wind down of MF Global Inc., the broker-dealer’s work force, consisting of 1,066 employees, was notified today that their employment is terminated, effective immediately, although salaries will be paid through November 15, 2011. Between 150 and 200 former employees are being hired to assist in the wind down of the business and processing of bankruptcy claims," the statement said.

It's not clear how this move might effect employees in offices outside of New York or at other subsidiaries of MF Global's holding company.

The trustee said between 150 and 200 employees would be hired back to assist in the wind down of the firm.

The trustee also said he is is exploring ways to "immediately vacate MF Global Inc. offices in New York City." The plan is to close the office as soon as possible. A smaller and less expensive office will be used for the trustee staff.

You can download the whole memo by clicking here.

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