MF Global, which filed for bankruptcy nearly two weeks ago, has let go of all 1,066 employees in its brokerage unit, effective immediately.
The company will continue to pay the employees through November 15, and health coverage will conclude at the end of the month. Meanwhile, it will rehire 150 to 200 former employees to support the lingering business as the bankruptcy process moves forward.
Days after MF filed for Chapter 11, John Corzine stepped down as chairman and CEO. The company is working with FTI Consulting's strategic communications practice during the reconstruction process.