12 Nov 2011

MF Global employees made redundant

1:32 pm on 12 November 2011

More than 1000 employees in the brokerage arm of MF Global Holdings have been made redundant.

James Giddens, the trustee in charge of liquidating the assets, said up to 200 personnel would be rehired to help wind down the business.

The BBC reports he is trying to identify and locate the brokerage's assets, including $US600 million in customers' money.

Federal agencies, including the Commodity Futures Trading Commission, the Securities & Exchange Commission and the Department of Justice, are investigating the collapse of futures firm.

They are looking into whether money from customer accounts may have been improperly mixed with the firm's funds.

The brokerage, which bet heavily on European debt, was run by former New Jersey governor Jon Corzine, who resigned last week.