MF Global Singapore Fires at Least 80 Employees, KPMG Says
MF Global Holdings Ltd.’s Singapore unit fired at least 80 employees, according to its provisional liquidator KPMG.
“With regret, one of these measures to contain costs involves reducing the employee headcount at MF Global Singapore,” Bob Yap, head of transactions and restructuring at KPMG in Singapore, said in an e-mailed statement today. “We have therefore ceased the employment of over 80 individuals.”
A “small group” of workers are still employed to help KPMG wind down the business, including helping to reconcile customers’ positions, Yap said.
MF Global filed the eighth-largest U.S. bankruptcy after a wrong-way $6.3 billion trade on its own behalf on bonds of some of Europe’s most indebted nations. The firm listed debt of $39.7 billion and assets of $41 billion and said it had about $26 million in cash.
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