MF Global Fires 1,066 Employees

The bankrupt broker-dealer MF Global fired its entire staff of 1,066 people, a "necessary part of the court-ordered liquidation of MF Global Inc.," said trustee James Giddens, who is in charge of overseeing the situation. The employees will be paid their salary through Nov. 15 and will have health-care coverage through the month, but none of them will receive severance pay. The trustee said he's trying to "immediately vacate" and close MF Global offices in New York City and move into cheaper office space for trustee staff as they continue the liquidation process. The company will rehire between 150 an 200 employees to help shut down the business.