MF Global Just Fired 1,066 People — Without Severance
2:25 pm, November 11th | by Hillary Reinsberg
As you’ve heard by now, Wall Street firm MF Global went bankrupt and CEO Jon Corzine is out of a job. As of today, so are over 1,000 other people.
The firm fired 1,066 of its employees today — not a huge shock as the company liquidates.
But one thing is a little shocking — the employees won’t get any severance or bonuses, FINS reports. Health coverage is cut off at the end of the month. Salaries get cut off on Tuesday. The office will be closed. It’s over.
There is the possibility that 150 or more employees might be rehired to help work through the bankruptcy. After that, though, they’ll presumably be let go for good. And they’ll be working in some cheap rented office space. Not a great deal.
This set of layoffs is from the broker-dealer unit of MF Global. Previously, 165 workers in other departments like IT, finance and human resources were laid off.
The company in charge of the liquidation is also liquidating Lehman Brothers. Business is good for someone, at least.