High-Frequency Firm Allston Cuts Employees Amid Low Volatility
- Allston’s reduction follows XR Trading’s cut in staff by 10%
- Chicago-based firm trades futures, currencies, fixed-income
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High-frequency trading firm Allston Trading pared its workforce late last week as it struggles to make money in some parts of its business.
“We made the difficult but necessary decision to reduce staff working in unprofitable areas of the firm,” Tom Becker, an outside spokesman for the firm, said in an emailed statement. He declined to discuss the number of jobs cut or teams affected, but said the company has about 100 employees. As many as 25 workers were cut, a mix of traders and support staff, said a person with knowledge of the matter.