MF Global Terminates Entire Workforce
The firm came under scrutiny and is the subject of a federal investigation after reports that more than $600 million in customer funds went missing. Former New Jersey governor Jon Corzine, resigned as MF Global CEO last week.
FINS reports that none of the more than 1,000 employees will receive severance packages or deferred compensation or bonuses. The now-former employees will be able to file claims in an effort to recoup payment for unused vacation days, benefits and other compensation owed to them. Those payments would only happen once customers get paid.
The trustee’s office in charge of handling the liquidation said in a statement that between 150 to 200 employees would be rehired to assist with winding down the business.
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