Joining a growing list of cost-cutting financial-services firms, MF Global (NYSE:MF) announced plans on Wednesday to realign its global equities business and slash jobs overseas by more than 30%.
The New York-based brokerage said the restructuring is aimed at zeroing in on areas where it has established strengths and a competitive differentiation, including commodities, financial services and consumer and global policy research.
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MF Global said it plans to lower its headcount by 30% in equity sales, sales trading and research businesses in Europe and Asia.
This realignment is part of the companys ongoing transformation to a commodities-focused investment bank, Peter Florenza, MF Globals global head of equities, said in a statement. We will continue to invest in our Equities business globally in areas that complement our global corporate strategy.
Shareholders had little reaction to the news as MF Globals stock inched 0.21% higher to $4.87 Wednesday morning. Shares of the brokerage have plunged more than 40% year-to-date, including 14% over the past month alone.
The MF Global announcement comes just days after Bank of America (NYSE:BAC) the largest U.S. bank by assets, warned it plans to slash about 30,000 jobs in an effort to achieve $5 billion in annual savings.
In an effort to prepare for the slowing economy and a tougher regulatory environment, a slew of financial services companies have announced job cuts in recent months, including Goldman Sachs (NYSE:GS), Barclays (NYSE:BCS) and HSBC (NYSE:HBC).