MF Global Lays Off Over 1,000 Employees

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The other shoe dropped at MF Global when the bankrupt hedge fund brokerage reportedly let go over 1,000 employees Friday.

Most of the 1,066 employees, who worked in the New York and Chicago offices, were informed of their termination in town hall meetings held in both cities, although some complained that they only found out from the press, according to news reports.

About 150 to 200 employees will be rehired in the near future to help assist in closing out the firm and processing bankruptcy claims.

The brokerage, led by former New Jersey Governor and Goldman Sachs executive Jon Corzine, filed for bankruptcy on Oct. 31 after losing almost 70% of its stock value in one week last month, along with a 14% decline in revenue for its second quarter compared to the same period last year.

Corzine resigned from his positions as CEO and Chairman on Nov. 4.

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The Citadel employees allegedly fired for passing confidential Info

Chicago-based hedge fund Citadel has allegedly fired an employee who has been accused of installation of unauthorized applications on the Citadellets computer system before you move the confidential information to foreign computers.

Quantitative financial engineer Yihao Ben Pu was also fired Tuesday for "repeatedly lying to Citadel on its activities", Crain's Chicago Business reported.

In addition, said Citadel phone records prove that Pu have been in contact with a rival, Teza technologies about job opportunities.

A judge ordered Mr. Pu not to use or disclose any confidential information or destroy evidence, but did not ask him to immediately reverse the property claims of the Citadel, according to Crain's Chicago Business report.

The Citadel has 11 billion dollars in assets under management.

Go to Chicago Business article