More than 1,000 employees get the ax from defunct trading company
NEW YORK -- Defunct trading company MF Global Inc. says it is terminating its entire workforce of 1,066 employees.
The company said Friday it is dismissing workers in accordance with a bankruptcy court-mandated liquidation. Between 150 and 200 former employees are being hired to assist with the liquidation and court proceedings.
Jon Corzine, former governor of New Jersey, stepped down last week after his disastrous bets on European debt collapsed the firm.
MF Global, said Corzine resigned as chairman and CEO and will decline a severance package worth $12.1 million, including cash and benefits.
The company did not immediately return a call seeking comment. It said in a statement that all the employees were notified of their termination Friday. The company said it is working to vacate its headquarters in New York as soon as possible and will close the facility.